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XAU/USD (Gold) - May 24, 2011: Consolidation, Testing Trenline
Tuesday, 24 May 2011 05:52

Yesterday: Open 1516.30 High 1517.40 Low 1503.60 Close 1517.00

Gold tends to move sideways movement yesterday on the range of 1300 pips daily with the highest level at 1517.40 and the daily lowest level in 1503.60.

Currently gold is the movement of consolidation.

There is no focus on economic data today for XAU / USD.

20110524_xau

 
XAU/USD (Gold) - May 23, 2011: Testing Level 1520.50, Correction Alert
Monday, 23 May 2011 05:15

Yesterday: Open 1493.70 High 1515.50 Low 1486.79 Close 1513.70

Yesterday gold movement was tested 5 times at the resistance level at 1502.70 and after the 7th time his new work to the highest level passes through daily at 1515.50.

Overall daily high low range about 2900 pips gold yesterday.

Currently, the gold looks bullish limited.

There is no focus on economic data today for XAU / USD.

20110523_xau

 
Gold - May 18, 2011
Wednesday, 18 May 2011 07:54

Yesterday's sharp decline couldn't damage our bullish expectations and all what happened was changing the place of the second wave of the suggested bigger fifth wave. We still believe that the metal will incline over intraday basis and a break of 1505.00, accompanied by stability above it will be a positive indication. Momentum indicators support our overview for today.

gold18-05-2011

 

Support 1488.00 1480.00 1477.00 1474.00 1468.00

Resistance 1500.00 1507.00 1513.00 1523.00 1530.00

Recommendation Based on the charts and explanations above our opinion is, buying gold around 1488.00 gradually targeting 1505.00,1523.00 and 1537.00, while the stop loss is a four hour closing below 1462.00 might be appropriate

 

 
Technical Analysis for Gold - 21/Feb
Written by Praful Patat   
Monday, 21 February 2011 05:18

Gold touched 74.6% at 1393. Now, Gold is possibility to back from here toward 1370, 1351. If Gold break of 1398 level further going up side toward 1343 without retracement.  If Gold back from 1393 level then will come down to 1364,1342 level and back from this two level confirm gartley pattern will form at 1414. Otherwise down to Fib No (61.8%) at 1262, from 1156 to 1431. If Gold break of 1342 support level then also shape “M” pattern form.
Strategy: Sell 1393-1396 area target 1370 with stop loss 1405
New High:  1391, 1396, 1395
New Low:  1380, 1385, 1384
R3-1398, R2-1394, R1-1391, PP-1387, S1-1383, S2-1380, S3-1376

Gold touched 74.6% at 1393. Now, Gold is possibility to back from here toward 1370, 1351. If Gold break of 1398 level further going up side toward 1343 without retracement.  If Gold back from 1393 level then will come down to 1364,1342 level and back from this two level confirm gartley pattern will form at 1414. Otherwise down to Fib No (61.8%) at 1262, from 1156 to 1431. If Gold break of 1342 support level then also shape “M” pattern form. 

 
Technical Analysis for Gold - 18/Feb
Written by Praful Patat   
Friday, 18 February 2011 05:44

Gold is forming flag pattern on 1 hour chart, also in channel (Ascending) to test Fib No. 74.6% at 1393 from 1423 to 1307. In Gold selling pressure will come between 1379-1393 area. If Gold back from 1393 level then will come down to 1364,1342 level and back from this two level confirm gartley pattern will form at 1414. Otherwise down to Fib No (61.8%) at 1262, from 1156 to 1431. If Gold break of 1342 support level then also shape “M” pattern form.
Strategy: Sell 1384-1393 area target 1370 with stop loss 1405
New High:  1384, 1389,
New Low:  1373, 1378
R3-1392, R2-1387, R1-1385, PP-1380, S1-1376, S2-1373, S3-1360

Gold is forming flag pattern on 1 hour chart, also in channel (Ascending) to test Fib No. 74.6% at 1393 from 1423 to 1307. In Gold selling pressure will come between 1379-1393 area. If Gold back from 1393 level then will come down to 1364,1342 level and back from this two level confirm gartley pattern will form at 1414. Otherwise down to Fib No (61.8%) at 1262, from 1156 to 1431. If Gold break of 1342 support level then also shape “M” pattern form. 

 


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