Gold keep on printing bear image on itself from last 2 years. The same picture remains in the new year 2014 as well. After holding the June’s low, gold made some pullback by lower level buying and standing above uneconomical levels. Gold was flying high after Markit’s service sector fell to 55.7 from 55.9. We will see a good bottom in the 1st or 2nd half of 2014.
In the weekly charts gold oscillators are showing a buy signal. We could expect some more upmove room left before it get leg down to the lower levels.
In the hourly charts, gold oscillators show some sort of overbought signs. Yesterday gold held its 50.0% retracement level. In Asia’s trading session gold prices held above 21 DEMA.
Selling pressure can be expected at $1,255 $1,268 $1,290.
Downside gold creates a good base support around the levels of $1,220 $1,200 $1,180. Below $1,180 the next red sea sailing will start in gold for the targets $1,100.
The material has been provided by InstaForex Company – www.instaforex.com
Gold keep on printing bear image on itself from last 2 years. The same picture remains in the new year 2014 as well. After holding the June’s low, gold made some pullback by lower level buying and standing above uneconomical levels. Gold was flying high after Markit’s service sector fell to 55.7 from 55.9. We will see a good bottom in the 1st or 2nd half of 2014.
In the weekly charts gold oscillators are showing a buy signal. We could expect some more upmove room left before it get leg down to the lower levels.
In the hourly charts, gold oscillators show some sort of overbought signs. Yesterday gold held its 50.0% retracement level. In Asia’s trading session gold prices held above 21 DEMA.
Selling pressure can be expected at $1,255 $1,268 $1,290.
Downside gold creates a good base support around the levels of $1,220 $1,200 $1,180. Below $1,180 the next red sea sailing will start in gold for the targets $1,100.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: