As per 13-13 Wilders moving average channel offset trading system Gold on the EOD chart is in range bound between the support zone 1718 and the resistance zone 1754. Breakout or Breakdown determines the trend direction.
Gold has been trading in a narrow range since November. It just oscillates between 1000 point range of 28300 to 29300. At the same time it is giving a ascending triangular pattern which is mostly a bullish signal for further up-move.
The International Gold is nearing the major support zone ($1685 – $1695) on the Daily and Weekly weekly timeframe. On the daily charts ichimoku cloud supports are near 1685 zone and on the weekly charts ichimoku supports are near 1695 zone. Breakdown below this support zone could warn major/long term trend reversal in gold.
Greece and Italy – the two EU economies at the centre of the current debt default and contagion crisis – are in the process of forming new governments, which has defused some of the tensions and uncertainty in global financial markets. But after a week of turbulence and extreme volatility, there is little sign that the long-running sovereign debt problems in Europe have been tackled. Aligned to this situation, the gold turned to buy mode on the 4 hourly charts on November 11,2011 with the supports coming around $1767.
The Perth Mint,Australia has announced the launch of a massive one tonne 99.99 pure Gold coin inspired by Australia’s Kangaroo gold coin series to mark the visit of Queen Elizabeth II
Gold crashed below 4 weeks low today as the dollar’s rally cut demand for the metal as an alternative asset and there is a panic selling in the gold. Prices sink as investors sell the metal to raise cash and pile into the greenback. Silver plunges 11% as recession fears rise.
From the 4-Hourly charts we could see that gold had fallen below the 200 SMA for the very first time since 8th July with 20/50 EMA crossover on the hourly charts which indicates that 200SMA could act as a major resistance point.
The trend of gold is tremendous, since july 2011 gold has gained nearly $400/ounce and the raise in gold due to poor global macro economic conditions.Gold is resisting to close above $1900 levels on EOD basis. As bulls could not manage to hold the $1900 level yet again – this time forming a bearish double top pattern in the process.
MCX Gold rallied to its record high Rs 23940 per 10 gram , as growing fears about gloomy outlook of US economy and increasing spread of the European debt crisis. On the technical aspects MCX gold is in sell mode on the hourly charts as per SDA2 trend trading method
SDA2 EOD Buy or Sell Signals are shown for World Commodities (Gold,Silver,Lead,Tin,Oil, Sugar, Cotton…etc). Rates are denominated in dollar terms. Buy Signal continues in gold since February 2011. Recent Sell signal in cotton. Aluminium,OIL,Silver,Sugar,zinc holds the recent buy signal as per SDA2 Trend trading system. Check for the gallery for EOD charts with buy or sell signal.
Chart shows the past 30 years history of Dollar Denominated Gold Chart. From the chart, Gold is not a fruitful investment since 1980-2001. since 1980 it is in a sideways bear market for more than 20 years.
Daily charts of Gold Charts(Dollar Denominated shows that Ichimoku Cloud resistance near 1225-1245 zone.
Outlook for the Gold looks trending downwards in medium term.