Gold Trend! 12-08-2011
Technical:
Gold will remain weak below $1760 and $1741.Downside it can touch $1720 and $1700. Upside could extend to $1777. Above $1777 will resume uptrend till $1844.
Fundamental:
Gold fell for a 2nd day, as a rebound in equities and higher margins on futures encouraged sales after the metal's rally to its highest ever above $1800 an ounce. Gold is still 6% higher this week after reaching a record $1814.95 yesterday on concern that European and U.S. debt problem may worsen. I expect a small correction in gold for short term, but ultimately gold prices will continue to rise.
Technical:
Gold will remain weak below $1760 and $1741.Downside it can touch $1720 and $1700. Upside could extend to $1777. Above $1777 will resume uptrend till $1844.
Fundamental:
Gold fell for a 2nd day, as a rebound in equities and higher margins on futures encouraged sales after the metal's rally to its highest ever above $1800 an ounce. Gold is still 6% higher this week after reaching a record $1814.95 yesterday on concern that European and U.S. debt problem may worsen. I expect a small correction in gold for short term, but ultimately gold prices will continue to rise.
M.Zohaib Gadit
Forex Trading Consultant, Shivani Financial
Address: Suite # 403, Portway Trade Centre, Main Sharah-e-Faisal
Opp. CDC Building, Near Nursery) Karachi,Pakistan.
Phone#: +9221-34328898-99
Cell: +92345-2259224
Web Site: www.shivanifinancial.com
No comments:
Post a Comment
Feel free to comment.