Spot Gold | <b>Spot gold</b>: A breakout to the downside | | News2Gold |
| <b>Spot gold</b>: A breakout to the downside | Posted: 02 Sep 2014 04:40 PM PDT Good day traders!  Gold Daily 3 Sept 2014 Technically, gold breaks the $1275 support level and the uptrend channel that began from the 2 Jan 2014 and the 3 June 2014. It looks like it is now approaching the lower end of the downtrend channel, thus creating another lower low comparing with the previous low. Next target for gold is the $1240 support level, which is also an established support level going back to end of January 2014 and early June 2014. A bounce from that level would provide a nice buying opportunity for spot traders. Else, $1219 is the closest target with psycho level $1200 next in line. Stronger US Dollar and weak oil price did the damage. Overall, this is just another technical breakout from the yellow metal as no new geopolitical event occured. Happy pipping! Shufaad Powered by WishList Member - Membership Software |
| Technical Analysis: <b>Spot Gold</b> | Live Trading News Posted: 03 Sep 2014 01:55 AM PDT  Spot Gold closed lower Tuesday renewing the decline off of the July high. The low range close sets the stage for a steady to lower opening Wednesday's NYMEX session opens. Stochastics and the RSI are turning Neutral to Gearish again indicating that sideways to lower prices are possible near term. If Spot Gold extends this month's decline, the reaction low crossing is the next Southside target. Closes above the 20-Day MA crossing are needed to confirm that a shortterm low is in. Support: 1262.65, 1260.90, 1252.15, 1250.00, 1248.00 Resistance: 1280.25, 1285.15, 1289.00, 1292.65, 1301.30 Recommendation: prefer to remain Neutral in here, awaiting confirmations signals. CQG FX Demo Sign Up MT4 Demo Signup MT4 Live Signup USA Clients and Other Services Use the Form Below Stay tuned… HeffX-LTN Paul Ebeling The following two tabs change content below.   Paul Ebeling is best known for his work as writer and publisher of "The Red Roadmaster's Technical Report" on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984. |
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