Gold Price Forecast and Analysis 27 November 2013 Trend is Bullish
RSI and MACD are supporting Sell while STOCHRSI supports Buy. Ichimoku cloud on the 4-hour time frame favours selling. It seems that the bulls are trying to defend the 1237 support level. A break below 1237 will create ease in the way towards 1222. Any close on daily basis below 1237 may develop psychological sell pressure. 1180 will be first target in that case.
Any close above the $1260 level will increase buying trend, it will be a clear indication of bullish momentum shift. we will go long in that case. !260 level is very important for today and we will watch it closely as Tenkan-sen line ( nine-period moving average ) resides here on the daily chart.Please have a look on chart it is indicated with red colour.
gold price forecast
Support 1240.00 1235.00 1220.00 1210.00 1200.00
Resistance 1246.00 1252.00 1261.00 1270.00 1280.00
Gold Price Forecast
Based on discussion above we suggest buying gold at 1240.00 keeping Stop loss at 1225.00, target is 1258 and 1280.00.
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