Tuesday, November 5, 2013

Gold Analysis

Gold Analysis, 5 November,2013 Trend is sideways to bounce

Gold Analysis presented by us worked fine but price of gold remained in a limited range. As we discussed yesterday that intraday trend supports bears.
Price of gold founded good support near 1311 areas yesterday and may rebound to $1,336. We went short at 1321 yesterday with a target of 1306 and 1296 respectively. We cleared at 1315.30 as chances of a break below the support were reduced.
In case of break below 1311, 50 % Fibonacci retracement on the rise from the Oct. 15 low of 1251.66 to the Oct. 28 high of $1,361.60 stands at 1306 which may provide enough potential to rebound to 1336. Apparently chances of a break below the support has been significantly reduced.
Successful break below 1304 may confirm the continuation of the downtrend towards the 61.8 percent retracement at 1294.
Support                1311.00 1305.80 1300.00 1294.00 1288.00
Resistance           1318.50 1322.00 1328.00 1336.00 1340.00

Gold Analysis

Based on the charts, technical indicators and discussions above we are waiting for a good entry point