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Chart of the Day
Chart of the Day – Gold
Wed, Nov 4 2009, 16:31 GMT
by James Chen
FX Solutions | View company's profile
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
FX Solutions, LLC
http://www.fxsolutions.com | info@fxsol.com
Archive
- Chart of the Day – EUR/USD
Published On Thu, Mar 18 2010, 15:22 GMT - Chart of the Day – AUD/USD
Published On Wed, Mar 17 2010, 16:56 GMT - Chart of the Day – GOLD
Published On Tue, Mar 16 2010, 14:50 GMT - Chart of the Day – GBP/USD
Published On Mon, Mar 15 2010, 15:26 GMT - Chart of the Day – USD/CAD
Published On Fri, Mar 12 2010, 16:25 GMT
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