Monday, November 5, 2012

Gold on Week Starting 5-Nov-2012


Market has came down and testing EMA200 on Daily chart, looking at last Friday’s candle, today might be a doji candle signaling short term rebound.

Reckon market to form a doji candlestick pattern on weekly chart, and a white candle next week around $1730-1734.

This week on Gold I will be hunting Long, near $1660 levels.

Resistance : 1700, 1709 (EMA 50) if cannot break above then downward pressure shall resume, to $1618-1620 maybe?

Resistance: 1734 if market break above 1710 convincingly.

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