Our preference: long positions above 1287.50 with targets at 1297.00 & 1300.00 in extension.
Alternative scenario: below 1287.50 look for further downside with 1283.50 & 1277.50 as targets.
Comment: a support base at 1287.50 has formed and has allowed for a temporary stabilisation.
Supports and resistances:
Gold currently CMP 1281$; after a major correction is heading back with a Bang. Trying to breach upside of the Triangle and this time it seems Heading for a Target of 1305/1320$. Stoploss for this view is placed at 1270$( weekly closing)
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.
$GOLD Resistance: $1200
The drop is supporting near 0.618 retrace level
where it can make small pull back, but it has to come
down further for a console.
My best prediction on gold was in late 2006, when gold corrected to 542,
Adrop of nearly 194 points in june that year.so I could calculate a 2.618
Retrace,and the top was 1032 in march 2008. Those...
Gold (07.10.2016) given downside breakout from triangle pattern and broken all minor support, channels , tradeline & fall sharply & reach to a multiple support zone. While in the current gold market on one talking about bullishness , we have identified a zone where bulls most probably come into play once again.
Area around $1249-1242 associated with multiple...