Commodities Market: Technical Outlook
September 23, 2011
R2=1813.81
R1=1777.82
PP=1749.25
S1=1713.26
S2=1684.69
On Thursday, gold traded in a wide range of 66.65$ and closed lower at 1738.12$, down 45.32$. Currently, gold has break below the 50-DMA(1781), along with the lower high and lower low formation indicating that the downbeat momentum is likely to continue. If gold declined further, the initial target will be at 1703$.The MACD and the RSI have maintained their declining trend supporting the above view. However, a short term pull back inside the band is likely as gold is trading below the lower Bollinger Band(1739).Gold below $1747 will remain weak and next downside target will $1703 and $1700. Buy above $1752 with stop loss $1747.The support and resistance are present at 1739.04$ and 1765.18$, respectively
By
M.Zohaib Gadit
Forex Trading Consultant
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