Pivot: 50.55
Our preference: short positions below 50.55 with targets at 49.30 & 48.95 in extension.
Alternative scenario: above 50.55 look for further upside with 51.00 & 51.45 as targets.
Comment: the RSI is capped by a bearish trend line.
Supports and resistances:
51.45
51.00
50.55
49.90 Last
49.30
48.95
48.42
Pivot: 1272.00
Our preference: long positions above 1272.00 with targets at 1280.50 & 1283.50 in extension.
Alternative scenario: below 1272.00 look for further downside with 1268.00 & 1266.00 as targets.
Comment: the RSI is bullish and calls for further upside.
Supports and resistances:
1287.00
1283.50
1280.50
1278.00 Last
1272.00
1268.00
1266.00
Pivot: 1266.00
My preference: long positions above 1266.00 with targets at 1272.00 & 1274.00 in extension.
Alternative scenario: below 1266.00 look for further downside with 1262.00 & 1258.80 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
1277.00
1274.00
1272.00
1270.50 Last
1266.00
1262.00
1258.80
Gold: As i clearly indicted a Buy in demand zone @ 1226-1227 on May 14 in my previous post, After price recorded 1265.05 has a high & moved to side ways currently price is trading @ 1256, But still there is potential moving on upside till 1274 levels. So it high time lock your profits @ 1244 levels.
Happy Trading !!
After strong selling from 1295 levels now price has halted near 1216 levels, There is a minor trend line support & RSI oscillator is in over sold, This week we can expect small pull back to upward levels, Upside levels are 1250 area acts as major levels. If any thing breaks above with volume, Fresh Buy build can be seen in those areas, higher levels remains...
gold has hit the trend line finding support for the third time will this support end the downtrend
here is my outlook for gold
there is good support by the trend-line and as well as 50% fibo (1210.07)
on the uptrend targets 1249.25 and 1275.06
alternate scenario if market breaks lower of the trend line and fibo 50% , expected of a breaking down with targets...
Gold comex has broken the triangle currently trading at 1235; i would recommend selling it at two levels 1235 and 1244 stop 1260 target 1220/1205/1198. RSI nad MACD clearly shows gold will dip sooner or later.
