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GOLD Intraday Technical Analysis

2012-10-24 14:12:16 (читать в оригинале)

 

 

Gold is currently testing the intermediate resistance of its medium-term bearish channel at 1,713. It seems a decline was initiated. However, a break of these levels will free a large potential and reach the upper limit of its channel at 1,733.
Technical indicators do not provide clear signals and evolves in oversell zone supporting the hypothesis of a rebound. But until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in the short term.
Gold is currently testing the intermediate resistance of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1,713 with the 1st objective at 1,703 and then at 1,700. A breakthrough of 1,716 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 1,713 with the 1st objective at 1,725 and then at 1,730. A breakthrough of 1,710 will invalidate this scenario.

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