Technical view by Nooresh

Gold – Medium Term View

This is a weekly chart of GOLD since 2008 and as it is evident on the charts that Gold has been trading in a long term parallel channel ( between 2 red lines ) since last 2 years. This channel has been broken on weekly closing basis. An extreme short term channel ( between 2 blue lines ) has also been broken when prices crossed 22800 on last trading day of the week. Though the yellow metal is looking a little bit overbought in extreme short term but it will eventually head higher to touch major resistance band of 24500-25500 range. Buy on dips to 22000-22500 range would be the best strategy


GOLD - Weekly



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Article by Nooresh Merani

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{ 2 comments… add one }
  • praveen gupta May 4, 2011, 23:10

    Dear Nooresh

    Now since correction is set in gold and silver and in case of silver correction is seen up to 37 USD which is almost 50% retrecement of 27 to 49USD rise. Please post your comment on this analysis, or you expect to fall more than that.


    Praveen Gupta

    • nooresh May 5, 2011, 11:18

      Hi Praveen,

      Silver has over over done the move and may now stabilize at 37-42 for some time.


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