Thursday, December 27, 2012

Do not buy Gold yet | Technical Chart | 27-Dec-2012

Below is the technical chart of Gold, using Doda-Donchian and Doda-Bollinger indicators. I've also added Kumo component from Ichimoku indicator.


Gold Technical Chart
Gold Technical Chart


Gold is in downtrend from the last so many trading sessions. It tried to cross Kumo - the main resistance around 11-Dec-2012, but failed to do so. It started its another bear run from there. At the time of writing this article, Gold is trading around $1657.

For this week, Gold needs to cross and close above $1665.17. You can buy Gold at that level but not before that.

On the downside, $1627 and $1597 are the strong support levels.

And  on the upside, 1694 and 1732 are the major resistance levels after 1665.

Take your positions accordingly.

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