Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Long Term Sell Signal in Gold – Dollar Terms

22 sec read

Gold Weekly Chart

 
Gold on the last week had ruptured and closed below the long term support zone $1582 i.e the lower channel of the 13-13 Wilders Moving Average channel offset trading system. Now Chances are there than gold could mean revert towards the 200 Week SMA line somewhere around $1175-1280. And $1680 will be the key long term resistance for the current downtrend.

Gold Daily Chart

On the Daily Chart gold had given the strong sell signal on 12th Dec 2011 when it breaks the support zone $1705 it had lost nearly $150 of its value and currently it is trading below the 200day moving average($1630).

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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