Skip to main content


Showing posts from April, 2013

Gold Technical Chart | 22-Apr-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.

Gold Technical Chart | 15-Apr-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.