Double Top pattern spotted in Gold. Pattern will be confirmed IF PRICE CLOSES BELOW 1381.75. So shorts need to wait. Price would fall to 1332 as indicated by the pattern. 1382 acting as a support cannot be ruled out. Hence trades can be planned as below, 1. Long when price hit 1382 with stop below 1380 (or) 2. Short if price closes below 1381.75 with stop above...
The shiny metal went past the 1355 level on friday and on the same day reverted back to end the day on a negative note, which indicated that the buyers ran out of steam. Today, the prices breached the immediate intra - day support of 1337.88, which further supports the bears. Moreover, on daily basis, the prices are showing divergence with the RSI indicators,...
GOLD LOOKS LIKE FACING RESISTANCE NEAR THE AREA OF 1350-57$ ANY CLOSING ABOVE THE 1358$ WILL LEAD AN UP RALLY. TILL THEN SELL NEAR THE RESISTANCE ZONE FOR A SHORT TERM TGT OF 1295-1250 IN DAYS AHEAD.