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Technical Analysis: Metals
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Spot GOLD
Thu, Oct 9 2008, 14:54 GMT
by Nicole Elliott
Comment: In times of financial crisis it is normal for investors to seek out the safety of gold. It certainly has done a lot better than silver or Crude Oil this year, and better than the Euro over the last month. Having completed a corrective move lower and bounced from retracement support mid-September, it is now struggling badly with resistance at the top of the Ichimoku ‘cloud’. With a little luck the bottom of this formation will continue to provide support, and later this year we feel Gold should rally back up to $950.00, maybe $980.00.
Strategy: Attempt longs at $885.00, but be prepared to add to $775.00; stop below $740.00. Cover longs between $920.00 and $935.00, rebuying on a weekly close above $945.00 for $985.00/1025.00.
Published on Thu, Oct 9 2008, 14:54 GMT
Archive
- Spot GOLD
Published On Thu, Oct 9 2008, 14:54 GMT - Spot GOLD
Published On Tue, Aug 12 2008, 13:04 GMT - Spot PLATINUM
Published On Tue, Jul 22 2008, 09:49 GMT - Spot SILVER
Published On Fri, Mar 7 2008, 09:00 GMT - Platinum
Published On Wed, Jan 30 2008, 10:56 GMT
Mizuho Corporate Bank
| 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk
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The information contained in this page is based on or derived from information generally available to the public from sources believed to be reliable. No representation or warranty is made or implied that it is accurate or complete. Any opinions expressed in this paper are subject to change without notice. This page has been prepared solely for information purposes and if so decided, for private circulation and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy.Related reports
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