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Chart of the Day
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Chart of the Day – Gold
Wed, Nov 4 2009, 16:31 GMT
by James Chen
11/04/2009 – Gold – Late last week, price action on spot gold (a daily chart of which is shown) formed a bullish engulfing pattern right at strong support in the 1025 region, which represented previous resistance. After that bullish engulfing pattern established the new support level, which also coincided with a key 50% Fibonacci retracement level, price shot up this week to overtake the previous all-time high above 1070. Currently having just established a new all-time high above 1095, price on gold is now shooting for greater heights, potentially around the 161.8% Fibonacci extension of the most recent bullish run. As price is now in uncharted territory again, this key Fibonacci extension, which places the upside technical target around 1125, serves as further upside resistance. At this juncture, however, the potential for a bearish correction is significant. But with Indian demand for gold helping to prompt the recent bullish run, and potential Chinese demand possibly fueling a continuation, the overall directional bias continues to be bullish.
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Published on Wed, Nov 4 2009, 16:33 GMT
Archive
- Chart of the Day – EUR/JPY
Published On Thu, Nov 19 2009, 16:15 GMT - Chart of the Day – AUD/USD
Published On Mon, Nov 16 2009, 16:22 GMT - Chart of the Day – EUR/USD
Published On Fri, Nov 13 2009, 16:26 GMT - Chart of the Day – USD/CHF
Published On Wed, Nov 11 2009, 16:24 GMT - Chart of the Day – USD/JPY
Published On Tue, Nov 10 2009, 15:46 GMT
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