Gold sell on rallies
January 17, 2014 5:30 amVideo
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Gold is witnessing a range bound trading. Higher levels it
suffered with selling pressure, whereas lower level buying is supporting.
Either side breakout will see direction on prices. This year as well, the yellow
metal is trading in a bearish mode. Gold lost its safe heaven image after
correcting 30% from its peaks. The falling channel at the level of $1,278 and close
above that would amount to a breakout from the downtrend further confirming the
trend reversal. Currently, prices are trading on the sell-on-rallies formula. On every
rise it gets beaten. At the beginning of the new year, prices rose to its crucial
resistance zone.
Support $1,227 $1,220
Resistance $1255 $1,268
Intraday perspective prices are trading in a bullish mode.
In the hourly charts, oscillators shows an overbought indicators witnessing
selling pressure on higher levels.
Support $1,241 $1,238
Resistance $1,245 $1,255
The material has been provided by InstaForex Company – www.instaforex.com
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