Live Rates Powered By:
AUDUSD
NZDUSD
EURUSD
GBPUSD
USDJPY
USDCAD
Loading

GOLD
2012-04-02 16:09:56

 

Technical Analysis - Gold - Looking to break out in near term

 

Short term:
Medium term:
Long term:
Resistances:
R1 1,666 DTL
R2 1,672 21 DMA
R3 1,682 100 DMA
R4 1,681 UTL
R5 1,688 38.2% Fibo
R6 1,690 200 DMA
R7 1,691 DTL
Support:
S1 1,666 DTL
S2 1,656 50% Fibo
S3 1,648 UTL
S4 1,634
S5 1,624 61.8% Fibo
S6 1,611
Legend: UTL = uptrend line

 

DTL = downtrend line

BB = Bollinger band

DMA = daily moving average

 

 

Analysis

  • Gold closed positively on Friday but has been unable to continue higher this morning. 
  • Gold has pierced below the 7 DMA and the 21 DMA.
  • The stochastics are attempting to cross lower, while the RSI is neutral.
  • The BBs are converging again, suggesting a forthcoming breakout.
  • Gold has support from the 50% Fibonacci retracement level at $1,656 from the December 2011 low to the February 29, 2012 high. 
  • The metal is trading in a short-term triangle formation at $1,648-1,691 and is above an old down channel at $1,666-1,573.

Conclusion

  • We are still neutral while gold trades in a small symmetrical triangle formation.
  • We will either turn negative on a break and close below $1,655-$1,556-$1,648 (UTL/50% Fibo/UTL) and leave a turn-neutral trigger around these levels, citing $1,635-$1,630-$1,624-$1,611 as our downside targets.
  • Otherwise, we could turn positive and on a close above $1,666 tonight as long as the stochastics do not follow through and sustain the present bearish cross.
  • We are therefore neutral in the short-to-medium term but expect this to change in the coming week as gold looks to break out. Confirmation of this breakout will be seen in the BBs.
  • We are neutral-positive in the long term while gold continues to trade in this large triangle formation.

 



Related news


TIME
Sydney Tokyo Ha Noi HongKong LonDon NewYork
Gold Price at ABCBULLION Foreign exchange rates at CommonWealth Bank Foreign exchange rates at ANZ Bank
Prices By NTGOLD
We Sell We Buy
37.5g ABC Luong Bar
5,317.704,917.70
1oz ABC Bullion Cast Bar
4,419.604,039.60
100g ABC Bullion Bar
14,170.2013,070.20
1kg ABC Bullion Silver
1,728.301,378.30
»  Wall Street all in on further gains for gold, Main Street grows more bullish for next week’s price action   (2024-10-19 10:12:59)
»  Gold shines as ultimate safe-haven asset, set to hit $3,000/oz by 2025 – Bank of America   (2024-10-19 10:07:32)
»  Gold and silver to rally through the end of 2024, copper likely to lag – Prosper’s Scott Bauer   (2024-08-15 06:23:01)
»  Wall Street experts see gold gaining on renewed recession fears, Main Street bullishness not far behind   (2024-08-04 16:15:53)
»  Phố Wall chứng kiến ​​đà tăng giá vàng mới vào tuần tới, tâm lý lạc quan của Phố Main tăng lên   (2024-07-27 17:29:24)
»  Wall Street sees renewed momentum for gold prices next week, Main Street’s bullish sentiment increases   (2024-07-27 17:26:59)
»  Wall Street is balanced and cautious on gold next week, Main Street remains optimistic about price gains   (2024-07-20 08:49:41)
»  September rate cut and Trump policies are boosting gold demand – FX Empire’s Ali   (2024-07-19 05:12:10)
»  Gold price will average $2,500 per ounce in Q4 2024 as bull case remains intact despite sharp gains – JPMorgan   (2024-07-18 11:18:51)
»  Wall Street sees green lights for gold next week; Main Street jumps back on the bullish bandwagon   (2024-07-06 04:25:55)
»  Gold and silver price pullback following Friday’s NFP would be buying opportunities – FX Empire’s Lewis   (2024-07-05 02:45:04)
»  Wall Street will sit on the sidelines next week, Main Street divided on gold’s price prospects   (2024-06-29 14:26:23)
»  Routine profit-taking pressure in gold, silver Tuesday   (2024-05-22 07:27:48)
»  Wall Street sees gold prices challenging $2,500 next week, Main Street sentiment is more restrained   (2024-05-20 19:46:56)
»  Gold, silver rally as Fed’s Powell leans a bit dovish   (2024-03-07 05:26:21)
The process of producing gold 1) Metallurgy. 2) Metal working and check. 3) Producing.
Slideshow
 
© 2011 Copyright By Ngoc Thanh NTGold. All Rights Reserved.
Powered by: Ngoc Thanh NTGold
 
  • Online: 469
  • Today: 9923
  • Total: 4625199