vanimator
Panjang

Gold’s weekly outlook: Nov 20-24

TVC:GOLD   EMAS (US$/OZ)
Gold             had a breakout on the upside rising nearly $20 for the week which was on the anticipated lines. This upmove took out the past 3 week’s resistance at $1284-$1285 and also closed higher in the upper band of the bollinger band . Such a move was highly on the cards since technically gold             had formed an ascending triangle pattern on weekly timeframe . On closing basis, gold             closed significantly higher above the resistance at $1284 thus indicating fresh buying and deciding the trend for the metal prices. Gold             now is back in the bullish tone, where prices are expected to go higher above the $1300 mark.

On the chart –

Gold’s spring board breakout suggests the directive move which it was lacking from past 3 weeks. Though it was unable to close higher above the resistance at $1297 but still managed to close above $1292 which is considered extremely bullish . Trending market suggests more upmove in gold             in coming days. We have 2 scenarios –

1. Gold             managed to break above the blockage at $1284-$1285 area, this suggests the upcoming move on the upside. If this resistance now a support holds gold             is expected to go higher to $1297. If this triple top resistance is broken through it can rally above $1300 to $1308. And if this area is crossed it can head towards the next resistance at $1317 .

2. There are no short trades unless $1284 gives way and that also is limited to $1270-$1272 for the moment.

Bullish view – Bulls were on a rampage as they took out resistances and led the metal higher to the highs of $1297 which though resisted as its a very important resistance. Such a move in one direction after weeks of indecisiveness suggests more gains ahead. Clearly bulls were on a sweet song as price action supported every move ahead taking out bearishness from the mood. This trend is likely to stay as its a breakout and if it does then the prices are expected to go higher.

There is no bearish view unless supports are broken.

On larger terms, Gold             has turned bullish and the prices are expected to head higher.

Possible trades are on both sides but largely on long side, Gold             can be bought above $1297 for the targets of $1308 and $1317 with a stop loss placed below $1284. Longer term target $1334.
There is no positional short trade unless $1284 breaks, and if it does still its limited to $1270.
MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Laman Utama Pengimbas Saham Pengesan Isyarat Forex Pencari isyarat mata wang Crypto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Rumah Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Pengesetan Profil Akaun dan Bil Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikuti Mesej Peribadi Perbualan Log Keluar