Spot Gold | Thursday's Technical Analysis: <b>Spot Gold</b> | Live Trading News | News2Gold |
| Thursday's Technical Analysis: <b>Spot Gold</b> | Live Trading News Posted: 11 Sep 2014 12:42 AM PDT  Thursday's Technical Analysis: Spot Gold Spot Gold closed lower Wednesday and the low range close sets the stage for a steady opening when Thursday's session opens in the US. Stochastics and the RSI are Nutral to Bullish indicating that sideways to higher prices are possible near term. Closes above the 20-Day MA crossing are needed to confirm that a short term low is in. If Spot Gold renews the decline off of its August high, the August low crossing is the next Southside target. Linear Regression Indicators, AROON and MACD are negative. Trading below 78.6% Fibo correction at 1262.65, forces us to stay negative, especially if the precious Yellow metal confirmed breaking the sideways technical formation represented in the support and resistance. Support: 1244.50, 1240.20, 1236.50, 1231.05, 1226.60 Resistance: 1248.00, 1250.80, 1252.15, 1260.90, 1262.65 Recommendation: expectations negative below 1250.00, risk-limit above 1262.65 Note: a potential source of support for Gold in the near-term may come from jewelry demand from India in the lead up to and during the wedding season, which unofficially starts later this month. But, the impact of this has faded in recent times as India is no longer the world's largest Gold consumer, which is partly because of the on-going government import restrictions on precious metals. Stay tuned… HeffX-LTN Paul Ebelin 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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