Saturday, January 19, 2013

gold weekly chart analysis

kindly note that if u dn not understand the chart, carefully trade through the levels given in this post...
Gold has broken the channel pattern as shown in fig... As i had mentioned earlier it has a strong support at 30600 which is broken on thursday. now gold is ready to face short term bearishness.
gold made double top at 32400 level n fell down to 31000 level & broke 23.60% fibo.retracement level (31350). after this fall, gold was unable to give closing above this level. then it took support on 38.20% retracement level (30680). now it is also broken means gold is likely to touch 30140 in short term which is 50% retracement level. but before that is has to break 30370 level on closing basis. on the contrary
buying is advisible if n only if gold closes or breaks 30925 level.

sell: around 30600-620 SL 30925 target 30370, 30140