GOLD: Extends Weakness, Breaks Key Support | Forex Factory

  • GOLD: Extends Weakness, Breaks Key Support

    From fxtechstrategy.com

    GOLD: With the commodity breaking its key support standing at 1,612.10 the past week, the risk is for GOLD to weaken further into the new week. In such a case, the 1,522.55 level, its Dec 2011 low will come in as the next downside target with a break of here opening the door for further declines towards its psycho level at 1,500.00. Its daily RSI is bearish and pointing lower. Alternatively, the commodity will have to return above the 1,714.35 level to annul its present downside threats and then open further upside towards the 1,802.75 level, its Nov’2011 high and possibly higher towards the 1,84 outlook on Gold 50 ... (full story)

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Eric D
May 13, 2012 6:23pm
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Agreed, although all we can do is react to the current market condition, I would not take a short trade now (at least for the weekly TF), seems to be close to resistance, I might wait for a retracement in the 1,633 for the daily TF to think in going south.
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Rajneesh
May 13, 2012 10:26pm
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Acceeding with the above analysis, but philosphically the only concenr to the said statement is Euity market and Greek issue.
These two are the most important factors which could desist Gold to further downside.
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dr khan
May 13, 2012 7:10pm
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gold look bear if not it will bull;what a great analysis n what a great analyst
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dr khan
May 13, 2012 7:11pm
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gold must touch 1550 this week,just go for shortits a sure analyse
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minh1789
May 13, 2012 7:58pm
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i think gold can't braek the 1550 level. There's a trendline at that level
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minh1789
May 13, 2012 8:03pm
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and if greek gone out the euro zone, the region would have a better money. so that gold will go up again
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minh1789
May 13, 2012 8:15pm
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and futher the US dept is rolling up every hour, this problem give gold a protential future
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hss
May 13, 2012 8:18pm
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gold will shoot up this week
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Trader#989E
May 13, 2012 6:38pm
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i hope gold pull back nere to 1530 level i never see the gold under the arra of
1530.
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Trader#2CF4
May 14, 2012 6:16am
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gold will still go down..to.1530
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