Weekly View 09 Sept - 13 Sept
Technically,
The week before (26 Aug - 30 Aug) produced a shooting star at a very important level of 33837 (USD 1403.34), 61.8 % Fib level of 27889 (USD 1156.77) to 43459 (USD 1802.40), which is a sign of reversal, in this particular picture, of the correction from 29710 (USD 1232.18) to the high of 34560 (USD 1433.33). This had to be confirmed with lower close past week. Well, the price closed lower with lower high as well but doesn't look quite convincing.
Short term support is seen at 32865 (USD 1363.00) and 32503 (USD 1348.00) with topside resistance at 34145 (USD 1416.00) and 34550 (USD 1433.00). Gold in daily chart has been waiving lower the past few days with lower highs and lower lows. While the metal holds above former pivot 32503 , we may consider any retracement as a correction of the bull trend.
Fundamentally,
Still the two of the scenarios those effect gold directly at current time are U.S. military action against Syria and Fed's easing on its bond buying program. So, don't forget to keep an up to date account on these two as well.
Trade Happy, Trade Safe :)
The week before (26 Aug - 30 Aug) produced a shooting star at a very important level of 33837 (USD 1403.34), 61.8 % Fib level of 27889 (USD 1156.77) to 43459 (USD 1802.40), which is a sign of reversal, in this particular picture, of the correction from 29710 (USD 1232.18) to the high of 34560 (USD 1433.33). This had to be confirmed with lower close past week. Well, the price closed lower with lower high as well but doesn't look quite convincing.
Short term support is seen at 32865 (USD 1363.00) and 32503 (USD 1348.00) with topside resistance at 34145 (USD 1416.00) and 34550 (USD 1433.00). Gold in daily chart has been waiving lower the past few days with lower highs and lower lows. While the metal holds above former pivot 32503 , we may consider any retracement as a correction of the bull trend.
Fundamentally,
Still the two of the scenarios those effect gold directly at current time are U.S. military action against Syria and Fed's easing on its bond buying program. So, don't forget to keep an up to date account on these two as well.
Trade Happy, Trade Safe :)
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