Friday, November 22, 2013

Gold Analysis and Forecast

Gold Analysis and Forecast 22 November 2013 Trend is Choppy

We went short at 1249.50 and successfully exited one lot . We suggested to move the stop loss at break even for remaining or clearing it too as I was leaving .Price of gold closed at 1242 our second is still active
A fall below yesterday’s low will lead towards our second target at 1226. A break below 1226 may push the prices towards 1208 but there is a lot of noise in the way. The RSI is flat and the MACD is heading down, suggesting a negative trend ahead.
On the other hand, 1256.00 will resist in upward way.
Support                1240.00 1235.00 1220.00 1208.00 1200.00
Resistance         1249.50 1256.00 1262.00 1272.00 1278.00

Gold Forecast

Our trade is active with a stop loss at 1249.50(break even), If we stop out we will sell again at 1255 keeping stop loss at 1268.