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Commodity Technical Plus
GOLD: Hits Further Uncharted Territory
Mon, Nov 16 2009, 10:21 GMT
by Mohammed Isah
FXTechstrategy | View company's profile
In This Issue:
GOLD: Hits Further Uncharted Territory - Longer term upside momentum continues to be seen pushing Gold to yet another un charted territory today following a fresh all time high the past week.
GOLD
GOLD: Hits Further Uncharted Territory
GOLD: Longer term upside momentum continues to be seen pushing Gold to yet another un charted territory today following a fresh all time high the past week. With the new break higher, our medium term target standing at the 1,150 level (psycho level) comes in as the next resistance with a decisive break through there calling for further price acceleration towards the 1,180 level ahead of another huge psychological level at 1,200. Beyond there will bring our long term upside targets at the 1,250 and the 1,300 level into focus. While we are conscious of pullbacks and consolidation along the way, the commodity continues to retain its bullish longer term structure suggesting that such pullbacks if seen will be corrective of its primary uptrend. Momentum indicators both on the monthly and weekly charts are trending higher suggesting further strength. However, if pullbacks occur at the current price levels, its Nov 12’09 high at 1,122.85 will come in as the nearby support with a cut through there allowing further declines towards the 1,101.15 level, its Nov 13’09 low and then its Oct 14’09 high at 1,070.37. On the whole, further upside incursions are expected in Gold while retaining its current bullish outlooks shorter, medium and longer terms.
Published on Mon, Nov 16 2009, 10:24 GMT
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
Archive
- GOLD: Set To Recapture The 1,133.18/1,141.88 Levels
Published On Fri, Mar 19 2010, 06:18 GMT - CRUDE OIL: Resumes Upside Offensive
Published On Mon, Mar 8 2010, 08:20 GMT - CRUDE OIL: Maintains Offered Tone
Published On Tue, Mar 2 2010, 08:23 GMT - CRUDE OIL: The 78.01/76.43 To Halt Bear Pressure
Published On Wed, Feb 24 2010, 11:27 GMT - GOLD To Test Key Resistance
Published On Tue, Feb 16 2010, 19:43 GMT
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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
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