SUPPORT: 1250/49 1238 1226 1222/18 1201/1199
RESISTANCE: 1267 1275 1282 1293/95 1304 1310
I have put a weekly chart up this time because I want you to see what Gold has actually been doing...It went lower...as we know...but once it broke the 1295 area you can see that we hit the 38.2 Long term fib and also a trendline that intersected with this fib...and buyers came out in force...we have seen the market rise to 1275...and fall back..However....buyers are still around in Gold...and they will be looking to go back in as long as the daily pennant trendline at 1257 does not break..Only then would there be a slight shift in sentiment and Gold could go back to the 38.2 Fib which is located in the 1249 area....Now we know this acted as good support previously...and markets as we all know can retrace 38.2 of the move and still be in a bull run...and if we look at the weekly charts we can see that we are still currently in a bull run....Now stochastics which were overbought at 1374 have now eased....Now look again at the weekly chart....1380 was the 38.2 retracement from the whole move down from 1921 way back in 2011....So please...whatever anyone tells you ...If you are trading Gold you really have to look at the longer term charts...To not do so will result in bad trading decisions and no one wants that....You can trade these markets from a professional traders point of view...and no one can say otherwise....So...look at the longer term charts...Understand what they mean to intra day trading...and always look at levels....you should know Gold levels inside out and back to front.....These levels will help you to actually trade more profitably....Now what next for Gold...well we are having a bit of a problem with 1275....we do need to clear this area before further buyers will be back in the market....If they can break this 1275 area there is no reason we cannot trade back to the break point of 1295...Also if 1275 breaks we can say that the uptrend resumes....the move was only correctionary and we can go back to 1375...
XAUUSD Current Trading Positions
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