CFDTrading
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Wednesday, 26 November 2008 21:32:25 GMT
Written by David Rodriguez, Quantitative Analyst
Click Here for the full article.
Short-Term Technical Forecast for Gold
COMEX Gold's break above its short-term price channel caused us to flip our previously bearish stance in favor of gains, and our bullish targets have now been far surpassed on an incredible multi-day rally. Gold prices next eye potentially important resistance levels at the 61.8 percent Fibonacci retracement of the 935-680 move at 840. Said 61.8 percent Fibonacci retracement is often referred to as the make-or-break level for an existing trend, and a break higher would suggest that a move towards 935 is likely. Our short-term bias remains bullish, and near-term support can be found at previous resistance of 808 and the psychologically significant 800 mark.
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
Written by David Rodriguez, Quantitative Analyst
Click Here for the full article.
Short-Term Technical Forecast for Gold
COMEX Gold's break above its short-term price channel caused us to flip our previously bearish stance in favor of gains, and our bullish targets have now been far surpassed on an incredible multi-day rally. Gold prices next eye potentially important resistance levels at the 61.8 percent Fibonacci retracement of the 935-680 move at 840. Said 61.8 percent Fibonacci retracement is often referred to as the make-or-break level for an existing trend, and a break higher would suggest that a move towards 935 is likely. Our short-term bias remains bullish, and near-term support can be found at previous resistance of 808 and the psychologically significant 800 mark.
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
