Commodities Market: Technical Outlook
September 28, 2011
R2=1707.42
R1=1675.26
PP=1645.17
S1=1613.01
S2=1582.92
Yesterday, gold witnessed an upward adjustment to close at 1650.54$, up 32.5$. Currently, the 100-DMA is looming ahead which will provide resistance at 1665$, however, any rise above this level will target 1681$. The RSI has shown improvement indicating that the short term recovery is likely, however, the overall trend still seems to be bearish. I therefore suggest investors to view any upside as an opportunity to ‘Sell’, keeping stoploss above yesterday’s high of 1677$. Support and resistance are present at 1642.05$ and 1665.15$, respectively.
By
M.Zohaib Gadit
Forex Trading Consultant
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