Wednesday, September 5, 2012

Gold on Wed 5-Sep-2012

well, it is one day after labour day.

Gold forecast for the week starting 4th Sep 2012

Technical Forecast

Gold [XAU/USD] Weekly Chart


as you can see, Gold price has break above the flag pattern, and its early...
refer to my previous post I Like About Gold - Gold forecast end August.

Gold has break up above 1670 and confirmed the bullish trend, though, it is early, I am kind of surprised, and still in disbelieve.  But I accept the fact that it is Bullish.


Gold Daily Chart (above)
There are 3 indications supporting the bullish view.
1. Short term bullish sentiment (1)
2. Mid term bullish sentiment (2)
3. Breaking above weekly resistance line

The bullish sentiment shall last 3-4 weeks upon this confirmation.

As previous week correction didn't come down to 50%, so I reckon market to hit another leg up to $1720 before a technical correction could happen.
If it does reached $1720 and started to correct, expect market to hold at Strong support $1675.

so.... initiate Long.
Initial shadow $5

Couldn't trade short now... although I am trained to trade reversals... [reminding myself]

Cheers
Ayumi

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