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gold analysis

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peter100 peter
1289
peter100 peter 2014.02.26 12:43 

Daily analysis (GOLD)

                                  In the view of day candle gold has formed higher than higher and continues higher low the price is expected to find resistance around 1350 where price dropped to 1182 If price break up and close with body above 1350 gold can move higher If price struggling to break up around 1350 it is advised to wait and watch for the further action. Stochastic and RSI is at Overbought so waiting for good retrace and find support around 1300 will sound good to place buy orders as trend is bullish

Anton Nel
37113
Anton Nel 2014.02.26 12:52  

Gold might be tired to be higher by now. Break 1361 or give up - wait and see.

 

 

Sergey Golubev
Moderator
93812
Sergey Golubev 2014.02.27 05:22  

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newdigital, 2014.02.27 05:22

Gold Due for Pullback Wave 2? (based on thetechnicaltraders article)


A pullback in Gold today to 1320’s from the 1348 high. We had been looking at about 1350 plus minus as an initial objective off the 1181 pivot lows for the truncated 5th wave of the bear cycle. We can see support at $1300 for spot Gold right now in the charts in terms of keeping it simple.

Now lets keep in mind we just rallied from 1181 to 1348, or about 167 points which is quite a rally. Indeed, February is often a short term cycle low for Gold and has been in years past.

A normal corrective wave 2 would be anywhere from 38% on the low end to 61% on the higher end as likely.
Using some basic math, 38% of 167 points is $64 an ounce, giving* a possible pivot target of $1284 plus minus a few.
So bottom line? We remain bullish long term, short term we may have a minor wave 2 pullback to work off some of this 167 dollar rally in Gold, and 1284 is a 38% fib pivot and 1300 is traditional support.

May just need to take a rest here for a bit… otherwise we maintain for now our $1550 target for 2014.


shepet
881
shepet 2014.02.27 08:05  
ok good analysis
Grzegorz Korycki
52382
Grzegorz Korycki 2014.02.28 10:32  
Analyze corrupt and manipulated market of paper gold. Now that's a tough one :P
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