Friday, September 6, 2013
All the indicators used in this chart can be downloaded free of cost from the download section of this website. These indicators are for MetaTrader 4 terminal.
On 29-08-2013, our technical indicators gave sell signal on EURUSD @1.3328. Since then, it started its downward journey and at the time of writing this article, it was trading at 1.3135.
It can move few pips up from this level, but it will eventually fall to 1.3034 in coming trading sessions.
1.3260 is the major resistance for this week.
Gold is currently trading around $1371 after getting sell signal from Doda-Donchian @1390.35. Doda-Bollinger bands have also confirmed sell signal. Moreover, price is trading below kumo and future kumo is also bearish.
So, all signals are negative for short term movement of Gold.
Coming to weekly pivotal points, its main resistance for this week is @1399.21. If it closes above this level on H4 time frame chart, take long positions.
On the downside, it has support around $1364.99 and $1339.66.
Keep an eye on Syria event. That can trigger Gold price upward.
Wednesday, July 10, 2013
I've also used Kumo component of Ichimoku indicator also.
The first sell signal to sell EURUSD was given @1.3280 when the price closed below Doda-Donchian and Doda-Bollinger bands indicator.
After few candles, the price managed to close below kumo also; thus giving all bearish signals.
From that, it started it bearish journey to 1.2774 at the time of writing this article.
There is no profit-booking or exit signal at this stage.
But for this week, do not miss any sell signal below 1.2902. Take long position only if it closes above the level of 1.2902
Thursday, May 16, 2013
Couple of weeks back, we witnessed steep fall in Gold prices because of Bank of Cyprus problems. After that Gold bounced back sharply. But from the last few sessions, it has again started moving downtrend.
Let's see is technical chart and check out the reasons.
Gold price closed below $1456.26 on 9-May-2013 and also it was trading below Doda-Bollinger bands and Doda-Donchian. So, that was clear signal of its downtrend.
Without any major bounce back, it kept on going southward.
The near-by support level is @$1383.62 and then at $1347.82
But seems it will break all these support levels easily.
So, do not do take any trading call for the time being. Will watch the new chart in the beginning of next week and will take any call.
Monday, April 22, 2013
Below is the technical chart of Gold, using Doda-Donchain, Doda-Bollinger bands and Ichimoku indicators.
After a steep fall of Gold last week to the level of around $1300 (which I mentioned in my last article), it started to bounce back.
At this stage, Gold is trading around $1422. Looking at its technical chart, using H4 time frame, Gold will face resistance inside kumo. But the kumo upper line is flat. That means, it's attracting the price and Gold will surely touch $1455 in coming trading sessions.
The same level has been defined as resistance, looking at its daily chart.
So, I suggest to book profits around $1455 levels and wait for further chart formation.
Monday, April 15, 2013
Below is the technical chart of Gold using Ichimoku, Doda-Bollinger Bands and Doda-Doncdian indicators. You may download all these 3 indicators freely from the indicators section of this website.
I've taken monthly time frame to get view on broader time.
On a monthly chart, Gold was in bull run from the last several years. It was only when it broke the level of 1578.80 on monthly chart, it gave signal of bearish phase.
In the last session, it even broke the level of Doda-Bollinger band viz @1531.48 and fell more than 5%. After such a steep fall, some bounce back can not be ruled out. But the major trend of Gold is still bearish.
Now, the next major support level is of $1300, shown in the chart above.
But if you're a investor, I would suggest to buy gold on every dips in small quantity. Traders - look at shorter timeframe like H4 and take your positions accordingly with stop-loss.
Friday, January 25, 2013
Below is the technical chart of Gold using combination of Doda-Donchian, Doda-Bollinger Bands and Ichimoku indicators.
The time frame used is daily in the above chart.
Just few trading sessions back, Gold tried to cross its major resistance of Kumo viz. @1694.86, but it failed there. The trend was already downward and after this failure, it started another leg of downtrend.
Now, it will get support around $1650. After that, the next support level is $1637.
So, DO NOT BUY Gold at this stage. There will be small bull runs but that will run for short time. Don't get trapped.
Will write another article in the beginning of next week as and when technical charts gives new signals.