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GOLD Intraday Technical Analysis

2012-10-04 12:21:18 (читать в оригинале)

 

 

Gold is currently testing the intermediate resistance of its medium- term bullish channel at 1.791 and seems to initiate a decline. However, a break of these levels will free a large potential and reach the upper limit of its channel at 1.805.
Technical indicators provide buy signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement. Furthermore, gold evolves on the levels of the superior band supporting the hypothesis of a violent movement in case of rupture.
Gold is currently testing the intermediate resistance of its channel where we suggest 2 scenarios: the first one is the hypothesis of a decline where we recommend a sell on the level of 1.791 with the 1st objective at 1.781 and then at 1.778. A breakthrough of 1.794 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy gold as soon as it is broken through its resistance of 1.791 with the 1st objective at 1.801 and then at 1.805. A breakthrough of 1.788 will invalidate this scenario.

The material has been provided by Instaforex Company - instaforex.com