Wednesday, September 19, 2012

Gold Technical Chart | 19-Sept-2012

 Below is the technical chart of Gold, using Doda-Donchian, Ichimoku and Doda-Bollinger Bands.


 


 


 


 


 



I've used weekly time frame in above chart to look for medium-term trend.


Doda-Donchian indicator gave BUY signal @$1622.24. But that was weak signal as the price was trading below Doda-Bollinger Bands and Ichimoku Kumo. So, it had to cross the tough resistance to say breakout.


Then, it closed above kumo @$1738.42; confirmed by Doda-Bbands. And there it gave bullish breakout. 


It is a clear buy now. Buy Gold even on dips.


Some support levels: 1764.5767, 1755.49