Posts
With 4 hours MACD crossed below signal line, Gold's recovery from 1329 should have completed at 1382.9 already. Intraday bias is now cautiously on the downside for 1315.8/1329 support zone. Decisive break there will complete a head and shoulder top reversal pattern and should turn outlook bearish for deeper fall. On the other hand, strong rebound from 1315.8/1329 will indicate that gold is merely in sideway consolidation and another would still be seen before topping.
In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). Such rally might still continue towards 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally. On the downside, however, break of 1315.8 support will be an early alert of medium term reversal and will turn focus back to 1155.6 support for confirmation.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
Latest Analysis from this Author
Silver Daily Technical Outlook (Friday, 26 November 2010 07:42 ET)Crude Oil Daily Technical Outlook (Friday, 26 November 2010 07:41 ET)Natural Gas Daily Technical Outlook (Friday, 26 November 2010 07:40 ET)Market Sentiment Damped by Macroeconomic, Geopolit... (Friday, 26 November 2010 07:13 ET)China Steps Up Measures to Curb Inflation (Thursday, 25 November 2010 23:55 ET)Economic Calendar 11/26/10 (Thursday, 25 November 2010 12:38 ET)Oil Rallies as Buoyed by Wall Street (Wednesday, 24 November 2010 23:08 ET)Economic Calendar 11/25/10 (Wednesday, 24 November 2010 14:00 ET)Economic Calendar 11/24/10 (Wednesday, 24 November 2010 14:00 ET)Crude Oil Rallies Above 83 Despite Inventory Gains (Wednesday, 24 November 2010 12:06 ET)
No comments:
Post a Comment