Sunday, September 1, 2013

Gold for 2-Sep-2013

I intend to start my weekly forecast on Gold price.

Egypt crisis and Syrian Civil War trigger oil prices, Gold/Silver become the natural hedge tool out of warfare.

Gold price has been rising since early of July from $1238 to current $1394.

After almost 2 months of rising, weekly chart shows the first possible reversal.
Last Wednesday 28-Aug-2013, Gold has posted a reversal candlestick pattern in daily chart.

I forecast the first trading day of September will be another down day, Gold price should be resisted below $1400-10 and seeking a lower entry at $1375.

For early of September, market shall consolidate largely between $1375 - $1440.

If the crisis or civil war heighten, market might shoot up higher to $1480 once Gold breaks overhead resistance $1440.

Technical chart suggest that early of September Gold price might come down a little bit before rising higher.
I intend to short near current resistance $1410, and enter long position around $1375.
I will abandon short view once market break above strong resistance $1440.

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