Gold Rally is great But how Far...?
Resuming From Gold monthly analysis, check it from gold analysis section under Research Edge
As the structure warrants, markets always tells us what to do...!
the triple three within a triple three has been completed and it is time for an interim rally
The gold had bounced from its strong support area @ 1043 levels and this is the main reason for the current rally and this rally is taking place in one larger degree and not in small scale which means that the consolidation in this degree will also be in that retrospect.
The rally is really powerful but do not succumb to the volatility or the movement and to find the analysis in one lesser degree with embedded video, i.e what the gold charts say in daily charts, do visit it here
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Xauusd/xagusd
XAU/USD Daily Market Report - 10/02/2016XAU/USD
Market retreated again from 1200-10 resistance zone which giving signals about ability for trading zone between 1150 - 1210
Market closing to Janet Yellen 2-days testimony while market supports 1180
Below 1180 market will face 1170 and 1150 as support levels, while resistance at 1200 and 1210
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Daily Market Technical Report - XAUUSDOVERVIEW :
Gold prices ended the session solidly higher and scored another three-month high Wednesday.
We feel that the market will more than likely trying to reach towards the $1150 level. Technically market is looking strong on chart and prices is trading above the resistance trend line in its daily chart. In 4 hourly chart, prices is sustaining above its support of 200 and 50 DMA with appearance of golden cross. It is having an important resistance of 1150 and support at the level of 1122. If it sustains at current levels then we can expect it to show further upside movement in Gold prices.
INDICATORS :-
MACD is sustaining in its positive territory indicating the bullish trend in the prices.
STRATEGY: Gold is looking bullish on charts for next few trading session. One can go for buy on dips level strategy for intra day to mid term positions in it.
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