A TECHNICAL SNAPSHOT OF GOLD IN $ TERMS ( 12-4-2015)

GOLD CLOSED AT $1204.60 ON 10-4-2015

1. Support:- $1192.40 / 1184 / 1181.40 / 1179.40 / 1141.60 / 1130.40.

2. Resistance:- $1224.50 / 1238.90 / 1255.60 / 1307.80 / 1324.30 / 1346.80.

3. All Time High:- $1923.70 made on 6-9-2011.

4. Trend:-In long term down trend.

5. Valuable Support now exist at:-$1179.40---1130.40.

6. Tough Resistance Range:-$1206---1245.

7. Critical Points For 2015:- $1392.60 / 1184 / 1130.40, avoid fresh long call below 1184.

8. Short Term Moving Average Range:-$1216--1195(it changes every day with price movement), exit long trade below 1195.

9. Medium Term Moving Average Range:-$1221--1199(it changes every day with price movement) avoid long trade below 1199.

10. Long Term Moving Average Range:-$1245---1206(it changes every day with price movement) it is already running below the lower range of the averages. To regain the up momentum it has move above the upper range of the average and sustain for a reasonable period of time.

Since it is in long term downtrend therefore it is suggested to avoid long calls instead short call can be tried on the rise or at proper points with an adequate stop loss. The aggressive day trader can take both long and short call depending on the price movement  with the help of support and resistance level and moving average placement mentioned above.

Please 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.

Kindly also note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

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.