CharmerCharts
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Todays Charmer Charts Gold technical anlaysis forecast
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Charmer Charts Gold technical anlaysis forecast
- Thread starter CharmerCharts
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CharmerCharts
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CharmerCharts
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Gold smashed lower—taking out 1625 for 1613. To alleviate short term downward risk we
need to break back above 1627.
If achieved we look for 1639 to entice. Here we cover any longs and re-instate shorts.. As yet
we are not oversold on the daily charts so we look for strength to sell into...
1639 offers this opportunity and then we see Gold coming lower through yesterdays lows for
1605/03. Here we cover shorts...
We would only re-sell lower levels if below 1600. A loss of this support keeps the bias to the
downside leaving 1595 as your immediate targeted area.
need to break back above 1627.
If achieved we look for 1639 to entice. Here we cover any longs and re-instate shorts.. As yet
we are not oversold on the daily charts so we look for strength to sell into...
1639 offers this opportunity and then we see Gold coming lower through yesterdays lows for
1605/03. Here we cover shorts...
We would only re-sell lower levels if below 1600. A loss of this support keeps the bias to the
downside leaving 1595 as your immediate targeted area.
Gold has staged a recovery over the past 3 sessions and overnight we have seen 1654 touched.. Now we have the med term fib level at 1656 and this will have to be overcome before Gold can make more headway on the topside...
We are looking as if we can make the break med term...as the stochastics for Gold have turned positive...but short term we are overbought and likely to trade lower to 1634 before rising once more...We would encourage buyers in at these lower levels looking for an eventual break of 1656 which would lead us higher to 1669/70.
Only if we lose 1633 would Gold be under pressure and we would then be liable to pullbacks to 1618/1613 once more before buyers would be willing to come back into the market and drive it higher...
We are looking as if we can make the break med term...as the stochastics for Gold have turned positive...but short term we are overbought and likely to trade lower to 1634 before rising once more...We would encourage buyers in at these lower levels looking for an eventual break of 1656 which would lead us higher to 1669/70.
Only if we lose 1633 would Gold be under pressure and we would then be liable to pullbacks to 1618/1613 once more before buyers would be willing to come back into the market and drive it higher...
Gold ignored short term overbought scenario and hastily traded to 1662. Now today that
trendline that captured the topside is located at 1660 and this is the resistance needed to
break to overcome the sellers.
If we can make the break through 1662 we should be able to make our way to 1669/70 quite
easily over the next few sessions. Here we would expect profit taking and fresh sellers coming
into the market...However whilst the med term indicators remain positive we are bound to be
buyers on weakness...This weakness may extend to 1651/48 and here is where we would be
looking to purchase Gold...
As stated... Resistance remains at 1669/70. If buyers do manage to take us through this point
we look for further strength with 1676 then targeted.
trendline that captured the topside is located at 1660 and this is the resistance needed to
break to overcome the sellers.
If we can make the break through 1662 we should be able to make our way to 1669/70 quite
easily over the next few sessions. Here we would expect profit taking and fresh sellers coming
into the market...However whilst the med term indicators remain positive we are bound to be
buyers on weakness...This weakness may extend to 1651/48 and here is where we would be
looking to purchase Gold...
As stated... Resistance remains at 1669/70. If buyers do manage to take us through this point
we look for further strength with 1676 then targeted.
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