Gold is Reaching at 1270
buy gold at 1258 TP 1270 TP2 1280 SL 1254
On the small timeframe charts gold seems to be stopped at 1258.
Why do you say it's a buy ?
If you are talking about XAUUSD so that's right: resistance level is 1259 or 1258 in your case (i am using this indicator to see those levels) :
MetaTrader Trading Platform Screenshots
XAUUSD, M30, 2013.07.01
MetaQuotes Software Corp., MetaTrader 5, Demo
How can we know: correction, or bullish etc (in case of using indicator for example)?
well ... let's take AbsoluteStrength indicator from MT5 CodeBase (fixed version of the indicator is on this post #4).
bullish (Bull market) :
bearish (Bear market) :
ranging (choppy market - means: buy and sell on the same time) :
flat (sideways market - means: no buy and no sell) :
correction in a bear market (Bear Market Rally) :
well ... let's take AbsoluteStrength indicator from MT5 CodeBase.
Gold Technical analysis for the next week (adapted from Is the Gold Rebound Over? Techs Suggest No, FOMC to Confirm article)
Fundamental Forecast for Gold: Bullish
Gold prices snapped a two
week losing streak with the yellow metal up a fractional 0.02% ahead of
the of New York close on Friday. Despite the rather negligible change on
the week, prices did see a good deal of volatility as waning strength
in the greenback helped gold mount a counteroffensive off key support
earlier in the week. Note that the Gold/USD inverse correlation hit its
strongest levels since early 2012 this week and USDOLLAR price action may continue to offer guidance as we move deeper into November trade.
Investors will be closely
eying economic data as the US docket picks back up with retail sales,
existing home sales, and minutes from the latest FOMC policy meeting on
tap. In the wake of the stronger than expected NFP and GDP reads earlier
this month, the prints could offer some volatility as improving US data
continues to limit the Fed’s scope to maintain its ultra-accommodative
stance. As such, look for strong US metrics to possibly limit this
near-term advance in the meantime as traders look to the Fed for further
clarity on future policy.
Aside from the data, look
for central bank rhetoric to shift broader market sentiment with 8 of
the 12 voting FOMC members scheduled to speak over the coming days. With
the market’s central focus fixated on central bank forward guidance,
all eyes turn to the FOMC with a barrage of speeches from the likes of
Rosengren, Dudely, Evans, Bullard, Powell, George, Tarullo and the Fed
Chairman himself. As Fed Chair nominee Yellen refrains from undermining
the taper-timeline laid out by Ben Bernanke, fresh developments from the
FOMC Minutes / Fed speeches may heavily impact gold prices next week as
market participants weigh the outlook for monetary policy. Look for a
more dovish stance to sustain the recent rebound off key support – while
a more hawkish tone would likely offer a pullback into favorable long
entries in the near-term.