•  
  • New York 09:57
  • London 13:57
  • Barcelona 14:57
  • Tokyo 22:57
  • Sydney 00:57
  • SignUp | Login

Gold Daily Technical Outlook

Fri, Oct 2 2009, 09:59 GMT
by Oil N' Gold Team

Oil N' Gold  |  View company's profile


Oil N' Gold

More Analysis and Technicals on Crude Oil, Natural Gas, Gold & Silver
Vote:

0

0

Comex Gold (GC)

With 4 hours MACD crossed below signal line, Gold's recovery from 985.5 might have completed at 1011.1 already. Intraday bias is flipped back to the downside for 985.5 first. Break will target 61.8% retracement of 931.3 to 1025.8 at 967.4 next. On the upside, above 1011.1 will suggest that rise from 985.5 is still in progress for a retest on 1025.8/1033.9 resistance zone. Nevertheless, note that note that 1033.9 is needed to be firmly taken out to confirm upside momentum. Otherwise, we'd expected more sideway trading below 1033.9 in near term.

In the bigger picture, rise from 681 is tentatively treated as resumption of long term up trend. Sustained break of 1033.9 high will confirm this case and should target 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 next. While some consolidations might be seen in near term before decisive break of 1033.9, downside should be contained well above 931.3 support and bring rally resumption. However, note that a break of 931.3 dampen the bullish view and suggest that rise from 681 has completed. This will in turn indicate that such rise is merely part of the consolidation pattern that started at 1033.9.

Comex Gold Continuous Contract 4 Hours and Daily Chart


Action Forex Company Limited | Room 1707, 17/F Treasure Centre, 42 Hung To Road, Kwun Tong, Kowloon, Hong Kong
http://www.oilngold.com/ | contact@oilngold.com

Archive


Legal disclaimer and risk disclosure

Oil N' Gold does not guarantee the accuracy of the reports and trading recommendations provided. Any market recommendations of, or information provided by Oil N' Gold do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any foreign exchange transaction.
Vote:

0

0


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.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.