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We have seen a massive drop in Gold prices after better than expected NFP news event. However, today there was some buying interest on Gold from 1228 which is a historical zone as it acted both as support and resistance. Price is slowly moving up and 1255 level would be a good opportunity to short again with target of 1228 or even lower towards 1217.
alifari's Blog
GOLD ANALYSIS 9TH APRIL 2014
Last two days price action on Gold suggest continuation of bullish sentiment and price is expected to hit 1327 level by end of week. First 1295 and now 1300 is holding as support and price making higher highs and higher lows. The resistance at 1314 is already tested twice and the last H4 candle suggest a breakout scenario heading towards 1327 level. I am looking to buy dip and the best level to enter is 1306 which is clear support & resistance flip level with stop loss below 1300 and take profi…
Gold Technical Analysis
We have seen quite a big drop in Gold this week as the 1392 level once again had lot of selling interest. Nothing much has changed fundamentally and broad economic narrative remains the same, and hence the factors that caused prices to declined between Monday to Wednesday is essentially something to do with technical view. If we look from technical perspective, the level between 1392 and1395 have historically been a sell zone and from supply & demand point of view it was a Weekly supply zone and…