GOLD IN $ TERMS
Gold closed at $1090.70 on 15-1-2016
SUPPORT:- $1071.10/1061.50/1060.20/1056.50/1046.80/1045.40/1044.50/1026.90/983.20/974.30/931.30/925.20/904.80..
RESISTANCE: -
$1097.70/1103.80/1113.10/1149.30/1169.80/1193.10/1191.70/1205.70/1224.50/1232/1238.90/1255.60.
its
Long term trend is bearish but as of now it is making higher tops and bottoms
on the daily chart, furthermore it is well above its most critical and
important levels of $1061.50, 1060.20 & 1045.40 valid for the entire year
of 2016, therefore as long as it remains above these points it looks o.k. and
it may give moderate to good up move from here in coming days, weeks and months.
Moving up it would face stiff resistance from its long term moving averages
which are in the range of $1107—1145 now (it changes every day) but once this
range is taken out it may drive it up further
to the range of $1191—1256 so watch out . In view of the above long call
can be tried on dip but not below 1060 with a stop loss of close below
$1043. Similarly short call can be tried if it moves and sustain below $1044.50
with as stop loss of close above $1061.50.The bias in short term is up.
REMARKS:-Long
term trend is down but since it is making higher tops and bottoms now and well
above its critical points for the year 2016.therefore long call can be tried as
suggested 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
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Thank you for sharing your views.