$ GOLD-(Seems To Be Poised For A Decent Up Move)---16-1-2015

     

GOLD IN $ TERMS

Gold closed at $1234.50 on 14-1-2015

SUPPORT:- 1204.20 / 1202.30 / 1186.40 / 1183.30 / 1181.40 / 1179.40 /1167 /  1160 /  1141.70 / 1130.40.

RESISTANCE:- 1238.90 / 1255.60 / 1297.60 / 1324.30 / 1325.90 / 1331.40 / 1346.80 / 1392.60.

Gold is showing marked improvement on technical chart (see my post dt-14-12-2014 wherein I stated that it is consolidating for an up move). It has moved well above its short term moving averages and now oscillating within major long term moving average range which is between $1270—1224(it changes every day), if it crosses the $ 1270 mark and stays then it could give further smooth and uninterrupted up move, similarly if it breaks the lower band of the range then it may start down move again but as of now it seems that it is heading for a decent up move in coming months.

The overall technical parameter suggest to adopt buy on dip strategy in gold now but get alerted and avoid fresh long position below the lower band of the long term moving average range i.e $1224 for now and the authentic stop loss for long trade would be below $1200 now(it will change every day with price movement).

Please note that the bench mark level for it is $ 1184 for the whole year of 2015, therefore,It is needless to mention here that below this level long call should be completely avoided.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARKS:-Long term trend is still down but technical chart has shown marked improvement therefore I would advice to go long on dips with suggested stop loss mentioned above.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.