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FXTechstrategy Team

Commodity Technical Outlook On GOLD

By FXTechstrategy Team, in Futures

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FXTechstrategy Team    10

FXTechstrategy Team
Posted

GOLD: Vulnerable To The Downside

 

GOLD: GOLD remains vulnerable to the downside having continued to maintain below the 1,345.28 level. We believe its present bear threat is temporary suggesting it will fade and return to mentioned level. However, it will have to retake the mentioned level to annul its present bear threats. Further out, resistance resides at the 1,400.00 level. Additionally, resistance stands at the 1,450.00 level, its psycho level and possibly higher towards the 1,480.00 level. Conversely, the risk to this analysis will be a return to the 1,300.00 level where bulls may come in. But if taken out, further decline is likely towards the 1,300.00 level. We expect that level to hold and turn the pair higher. However, if this fails to occur, expect more weakness to happen towards the 1,231.48 level. Further down, support comes in at the 1,218.35 level, representing its Jan 08’2014 low. All in all, GOLD remains biased to the upside in the medium term.

 

gold_analysis_3aaa.gif

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SpearPointTrader    10

SpearPointTrader
Posted

I think Gold can go either way in the near future. On the weekly chart, I have what I call a bullish "Spear Point" set up. However, if I scale down to the daily chart I see it is at resistance right now.

 

The question, is if the daily chart will just go sideways the rest of this week, or turn down. If it goes sideways, then there is a pretty good chance we will see a few bars of bullish activity on the weekly chart.

 

If it turns down, the price bounces off of resistance, then I think we can see lower prices over the next few weeks.

 

THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL.

THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN ATTAINABLE IN COMMODITY TRADING CAN WORK FOR YOU, AS WELL AS AGAINST YOU.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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FXTechstrategy Team    10

FXTechstrategy Team
Posted

GOLD: Triggers Recovery, Eyes More Upside.

 

GOLD: We still maintain our upside outlook on GOLD on corrective recovery higher. This view remains valid as long as the commodity trades and holds above the 1,240.23 level. On the upside, resistance comes in at the 1,280.00 level where a breach will expose the 1,308 level. Further out, resistance resides at the 1,315.48 level with a violation aiming at the 1,331.36 level and then the 1,342.00 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, key support lies at the 1,240.77/1,237.00 levels where price halt is envisaged. However if taken out, expect more weakness to occur towards the 1,220.00 level. Further down, a turn below the mentioned support will target the 1,200.00 level. Its daily RSI is bullish and pointing lower supporting this view. All in all, GOLD remains biased to the downside in the medium term.

 

gold_analysis_3fxxd1.png

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FXTechstrategy Team    10

FXTechstrategy Team
Posted

GOLD: Threatens Recovery

 

GOLD: With GOLD halting its weakness the past week to close slightly higher on a rejection candle, it faces recovery higher. On the downside, support stands at the 1,131.57 level. Below here if seen could trigger further downside towards the 1,100.00 level where a break will aim at the 1,080.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1,160.00 level where a break will target the 1,180.00 level followed by the 1,200.00 level. A cut through here will extend gains towards the 1,230.00 level. All in all, GOLD remains biased to the downside in the medium term.

 

XAUUSDWeekly22.png

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