Monday, February 14, 2011

Askchirag.com

Askchirag.com

#gold short term view

Posted: 14 Feb 2011 02:32 AM PST

Gold prices Re-tested the Neckline Resistance of breakdown From multiple tops made Near 1422 Levels Zone previous Week,Which also Looks like a Complex Head & shoulder pattern. The Neckline as if now is poised near Same levels as of 100 DMA currently at 1368$ . Which is proving to be strong Resistance .

On the downside the 55 DMA at 1332 $ is also Proving a Strong Support below that important Support comes at 1305 Levels which also co-incised with the Short term Bottom and Medium term  channel Trend line .

till time Prices are trading below 100 DMA and Key neckline Resistance . We Look downwards on gold Prices to test previous bottom and Final Reach the Patterns target at 1240 $ . Stops Could be well placed above 1384 $ closing basis . A Close above Same Would Invalid the view .

gold daily
Posted by Suresh at 9:40 AM

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