FXstreet.com

Commodity Technical Plus

7

0

GOLD: Looks To Recapture The 1,070.37 Level

Wed, Nov 4 2009, 08:10 GMT
by Mohammed Isah

FXTechstrategy


HIGHLIGHTS:

GOLD: Looks To Recapture The 1,070.37 Level - Although Gold is now seen hesitating after hitting an intra day high of 1,066.02 today, it still retains its medium to longer term uptrend initiated at the 681.72 level in Oct’08....


GOLD

Gold

GOLD: Looks To Recapture The 1,070.37 Level.

GOLD: Although Gold is now seen hesitating after hitting an intra day high of 1,066.02 today, it still retains its medium to longer term uptrend initiated at the 681.72 level in Oct’08.
With the commodity surviving a bearish attack on its strong support at the 1,030.85 level, its Mar’08 high last week and subsequently strengthening on Monday, risk of a recapture of the 1,070.37 level continues to be seen. Though this is now tempered with price hesitation, as long as the commodity holds above the 1,049 and 1,030.85 levels an eventual resumption of its longer term uptrend is likely. Resistance above the 1,070.37 level will target its psycho levels located at the 80.00, 100.00, 150.00 and 200.00. This view is supported by its daily stochasticswhich is now bullish and trending higher suggesting further strength. However, the risk to our analysis will be a decisive break and hold below the 1,049 level followed with a breach of the 1,030.85 level. If this occurs which we do not envisage at its current price levels, a deeper correction could shape towards the 1,024.00 level, its Sept 17’09 high and then its MT rising trendlinecurrently at 999.00 where a cap is expected. On the whole, Gold looks to recapture the 1,070.37 level, having bounced and rallied off the 1,030.85 support level.

Published on  Wed, Nov 4 2009, 08:25 GMT


Archive

FXTechstrategy http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com

Legal disclaimer and risk disclosure

This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.

Related reports

Daily Forex News - Forex - Structural Dollar Weakness Persists by ACM - Advanced Currency Markets
Mon, Nov 23 2009, 10:34 GMT

Weekly Technical Commentary by Mizuho Corporate Bank
Mon, Nov 23 2009, 10:25 GMT

Forex Economic Analysis - Forex Technical Analysis on Majors by www.deltastock.com
Mon, Nov 23 2009, 10:22 GMT

Daily Currency Report - The US Dollar index slipped further back in trading by ODL Securities
Mon, Nov 23 2009, 10:16 GMT

Daily FX Report - The USD/JPY trades near flat of around 88.82 after opening at 88.84 by Varengold Wertpapierhandelsbank AG
Mon, Nov 23 2009, 10:10 GMT

eurusd, eurjpy, chfjpy, gold, commodities, gbpusd, usdchf, gbpjpy, usdjpy

View All

Related content


Interested in forex trading? forex brokerage firms!


FOREX.com
Contact the broker/FDM
Open a demo account
FX Solutions LLC
Contact the broker/FDM
Open a demo account
GFT
Contact the broker/FDM
Open a demo account		IG Markets
Contact the broker/FDM
Open a demo account		Deutsche Bank
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.