Gold continued its rangebound activity for 3rd straight week. Point to take away for this week is it closed above the crucial support of $1270-$1272 with minor gains of $5 after see-sawing in the range of $23. Moves in the week were dictated broadly by America’s weekly data. On closing basis, gold yet again remained trapped inbetween the black and red trendlines but created a higher high and a higher low which is definitely considered positive for the metal prices. Gold continues to remain directionless as rangebound action kept it from breaking either support or resistance.
On the chart –
Another sideways week for the yellow metal as the prices were not able to break through support or resistance on closing basis. This continued trend of rejecting both the marks is making the prices ready for a spring board kind of move on either direction. Gold remains split between the bulls and the bears, we have 2 scenarios –
1. Gold’s closing above the crucial area of $1270-$1272 suggests metal might be on the verge of breaking on the upside. If this happens prices can move towards $1284 again. If this brief resistance is broken, it can head higher to the next resistance at $1297.
2. Prices fell from the highs to the support area, this suggests selling at higher levels. If the support area is broken prices can fall back to test the bottom at $1261. If this strong support is broken, gold can slide further to $1248.
Bullish view – Prices came back in the grip of bulls who reigned though-out the week but were unable to capitalize as prices fell back towards the support. But the key take away is the support was held and if it keeps intact bulls will be able to break the $1284 on closing basis. If this trend is maintained the prices are expected to go higher.
Bearish view- Bears were losing steam as price action was favoring the bulls. But they managed to defend the resistance at $1284 though failed to drag the prices lower from $1270-$1272 area. This suggests slackening in bearishness as the prices were not able to fall lower. To keep the bear momentum intact $1261 must be broken.
On larger terms, Gold remains sideways. Prices are expected to be range bound unless a direction is decided.
Possible trades are on both sides, Gold can be bought above $1278 for the targets of $1284 and $1297 with a stop loss placed below $1268.
Gold can be sold below $1268 for the targets of $1261 and $1248 with a stop loss placed above $1278.
On the chart –
Another sideways week for the yellow metal as the prices were not able to break through support or resistance on closing basis. This continued trend of rejecting both the marks is making the prices ready for a spring board kind of move on either direction. Gold remains split between the bulls and the bears, we have 2 scenarios –
1. Gold’s closing above the crucial area of $1270-$1272 suggests metal might be on the verge of breaking on the upside. If this happens prices can move towards $1284 again. If this brief resistance is broken, it can head higher to the next resistance at $1297.
2. Prices fell from the highs to the support area, this suggests selling at higher levels. If the support area is broken prices can fall back to test the bottom at $1261. If this strong support is broken, gold can slide further to $1248.
Bullish view – Prices came back in the grip of bulls who reigned though-out the week but were unable to capitalize as prices fell back towards the support. But the key take away is the support was held and if it keeps intact bulls will be able to break the $1284 on closing basis. If this trend is maintained the prices are expected to go higher.
Bearish view- Bears were losing steam as price action was favoring the bulls. But they managed to defend the resistance at $1284 though failed to drag the prices lower from $1270-$1272 area. This suggests slackening in bearishness as the prices were not able to fall lower. To keep the bear momentum intact $1261 must be broken.
On larger terms, Gold remains sideways. Prices are expected to be range bound unless a direction is decided.
Possible trades are on both sides, Gold can be bought above $1278 for the targets of $1284 and $1297 with a stop loss placed below $1268.
Gold can be sold below $1268 for the targets of $1261 and $1248 with a stop loss placed above $1278.
評論:
Trade active
評論:
First bullish target met at $1284
評論:
Second bullish target met at $1297
