Thursday, 28 November 2013

Rally targets on gold: 1250 and 1240-1244 possible? 2013-11-29

Looking at my charts today, I wonder if there are rally targets on gold: 1250 and 1240-1244.

If the price drifted upwards or sideways to the red line on the chart below which has been resistance recently, the uptrend of the last 2 days would just be a wash rinse and repeat cycle of the last several weeks.

Gold needs to get above $1250 to have a chance at a rally. Strangely or maybe not so strangly, the present rally could just hit $1250 which is also horizontal resistance that precviously was support a number of weeks ago. It seems almost an ideal place for this rally to stop and turn back down.

A break decently above $1251 (especially a daily or weekly close) would be potentially bullish.

Here is my chart:

Gold is a pain to trade, long or short, even though the pattern is quite clear.

Price might intersect the red resistance line tonight 28 November or Friday 29 November so there should be a signal at that point quite soon.

1 comment:

Anas Ahmed said...

Epic Research's update for Gold traders informs that Gold trading range for the day is 26802-27190.