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Trading news
11 Feb 2013
Gold trading at $1650.76
Gold’s near-term structure weakened Monday, as the price broke below the bull-trendline (drawn off 1651 low), following several attempts at 1684 (near-term congestion tops and daily Ichimoku cloud base). According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “A fresh weakness persists through the 1666/63 supports, which sees scope for an extension of the third wave from 1684 (part of broader reversal from 1695), towards initial target at 1657 (Fib 61.8% expansion).”
Moreover, “negative momentum is building up on 4h chart, keeping the downside favored, while bounces on oversold hourly conditions, face initial barriers on previous supports at 1663/66. Only a lift above 1671 (50% of 1684/59 descent) would ease bear-pressure and bring the price back in range.” he adds. At the time of writing the price of gold has settled at USD $1650.76 Monday, having pulled recovered recently off a low in the region of 1646.
Moreover, “negative momentum is building up on 4h chart, keeping the downside favored, while bounces on oversold hourly conditions, face initial barriers on previous supports at 1663/66. Only a lift above 1671 (50% of 1684/59 descent) would ease bear-pressure and bring the price back in range.” he adds. At the time of writing the price of gold has settled at USD $1650.76 Monday, having pulled recovered recently off a low in the region of 1646.