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[NeoSeemadong 52]

Gold Weekly Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold |

Sun Sep 11 11 02:12 ET

 

Gold Weekly Technical Outlook

Comex Gold (GC)

Gold made new record high of 1923.7 last week but failed to sustain gain above 1900 psychological level again and retreated. The development argues that consolidation pattern from 1917.9 is still unfolding, with fall from 1923.7 as the third leg. Hence, we'd expect another fall in near term to send Gold towards 1705.4 support. But strong support should be seen there to contain downside and bring up trend resumption. Above 1923.7 should in turn send gold towards 61.8% projection of 1478.3 to 1917.9 from 1705.4 at 1977.1.

 

In the bigger picture, firstly, gold's long term up trend is still intact and there is no signal of reversal yet. Another record high should still be seen. But we'll be cautious on another near term reversal near to 2000 psychological level and finally bring some lengthier consolidation. Meanwhile, a break of 1705.4 will argue that gold has indeed topped out with a double top reversal pattern (1917.9, 1923.7) and in such case, deeper pull back could be seen back towards resistance turned 1577.4 support instead.

 

In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 and there is no sign of topping yet. Current up trend could now be targeting 161.8% projection of 253 to 1033.9 from 681 at 1945.6. Sustained trading above 2000 psychological level should pave the way to 261.8% projection at 2727.2.

[deb99 290]

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[NeoSeemadong 52]

Technical Analysis for Precious Metals

Analysis | Commodity Technical Analysis | Written by ecPulse.com |

Mon Sep 12 11 03:08 ET

 

Gold

The sharp pullback from 1825.00 zones that occurred before Friday's closing is seen as a positive indication as it took the metal again above Parabolic SAR indicator. Furthermore, the support areas around 50% for the upside rally from the start point of the fifth wave to all-time recorded high have proved its solidity. Thereby, we still see that the IM -impulsive- wave which started at 1477.00 is still in progress, softly targeting 1945.00 zones. Only a break back below 1785.00 -61.8% Fibonacci- will threaten the bullish momentum, while a break below 1754.00-1746.00 will give us reasons for concern.

 

The trading range for this week is among the key support at 1746.00 and key resistance now at 1945.00.

 

The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.

 

Support: 1833.00, 1815.00, 1785.00, 1772.00, 1761.00

Resistance: 1867.00, 1888.00, 1900.00, 1912.00, 1920.00

 

Recommendation Based on the charts and explanations above our opinion is, buying gold above 1833.00 targeting 1912.00 and stop loss below 1785.00 might be appropriate.

[NeoSeemadong 52]

Technical Analysis for Precious Metals

Analysis | Commodity Technical Analysis | Written by ecPulse.com |

Mon Sep 12 11 03:08 ET

Silver

 

Silver is still negatively biased since Friday's closing, but as shown above on the chart, there are several signs for the upside movement to return. Consolidation above 50% Fibonacci correction at 40.90 is the first positive sign, while stability above the critical support of the upside movement at 39.80 as shown in Green is the second sign, and finally consolidation above ( point top of the suggested Bat harmonic pattern (the dark Blue) is the third one. Therefore, an upside movement is expected this week as long as the metal is stable above 38.80 and 39.80 is much better.

 

The trading range for this week is among the key support at 38.25 and key resistance now at 45.00.

 

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact.

 

Support: 40.90, 40.40, 40.10, 39.75, 39.10

Resistance: 41.50, 42.30, 42.70, 43.25, 43.60

 

Recommendation Based on the charts and explanations above, we recommend buying silver around 40.90 and take profit in stages at (42.70 and 43.60) and stop loss with daily closing below 39.80 might be appropriate.

[ziangy 1]

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[Neo Seemadong 3]

Technical Analysis for Precious Metals

Analysis | Commodity Technical Analysis | Written by ecPulse.com |

Thu Sep 15 11 03:06 ET

 

Gold

'All we need is to witness a decisive break above 1833.00, preferably above 1845.00 to make sure that the impulsive wave from 1477.00 is still in progress forming its fifth wave' we wrote this sentence twice yesterday in our morning and midday reports to clarify the importance of breaching 1845.00. Having a deeper look at the provided graph, we will notice that 1845.00 was yesterday's recorded high where it moved downwards once again. Actually, the resistance line of the suggested corrective structure becomes now at 1825.00, but the negative sign on AROON forces us to stay aside until the metal beats it. Breaching through 1825.00 may fix the negativity on the chart and might bring strong buying interests.

 

The trading range for today is among the key support at 1755.00 and key resistance now at 1867.00.

 

The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.

 

Support: 1800.00, 1785.00, 1772.00, 1761.00, 1755.00

Resistance: 1815.00, 1825.00, 1833.00, 1845.00, 1855.00

 

Recommendation Based on the charts and explanations above our opinion is staying aside until an actionable setup presents itself to define the upcoming big move.

ถูกแก้ไข กันยายน 15, 2011 โดย Neo

[ziangy 1]

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[Neo Seemadong 3]

Technical Analysis for Precious Metals

Analysis | Commodity Technical Analysis | Written by ecPulse.com |

Fri Sep 16 11 02:56 ET

 

Gold

The breakout below the key support -turned into resistance- of 1785.00 has sent the metal sharply downwards as seen on the provided four-hour graph. Actually, our suggested Elliott hasn't been damaged and it will not be invalid unless the low of the fourth wave is breached at 1700.00 zones. At the same time, we can see the strength of the bearish trend that started at the pivotal resistance of 1845.00 as seen on AROON indicator. But, this sign contradicts the oversold sign on RSI 14; whilst the metal is very close to the important Fibonacci level of 76.4% for the upside rally from 1702.00 to the historical high of 1920.00. Thereby, we will be neutral over intraday basis; noting that a break of 1702.00 will force us to reconsider our proposed Elliott sequence.

 

The trading range for today is among the key support at 1702.00 and key resistance now at 1845.00.

 

The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.

 

Support: 1755.00, 1742.00, 1728.00, 1715.00, 1702.00

Resistance: 1772.00, 1785.00, 1800.00, 1815.00, 1825.00

 

Recommendation Based on the charts and explanations above our opinion is staying aside until an actionable setup presents itself to define the upcoming big move.

[NeoSeemadong 52]

ONG Focus | Technical | Written by Oil N' Gold |

Sat Sep 17 11 04:47 ET

Gold Weekly Technical Outlook

 

Comex Gold (GC)

Gold's choppy fall from 1923.7 extended to as low as 1765.4 last week and there is no sign of completion yet. Such decline is either consolidation to rise from 1705.4 or the third leg of the consolidation pattern from 1917.9. In either case, more choppy trading would still be seen in range of 1705.4/1923.7. But in case of deeper fall, we'd expect strong support above 1705.4 to contain downside and bring up trend resumption. Above 1923.7 should in turn send gold towards 61.8% projection of 1478.3 to 1917.9 from 1705.4 at 1977.1.

 

In the bigger picture, firstly, gold's long term up trend is still intact and there is no signal of reversal yet. Another record high should still be seen. But we'll be cautious on another near term reversal near to 2000 psychological level and finally bring some lengthier consolidation. Meanwhile, a break of 1705.4 will argue that gold has indeed topped out with a double top reversal pattern (1917.9, 1923.7) and in such case, deeper pull back could be seen back towards resistance turned 1577.4 support instead.

 

In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 and there is no sign of topping yet. Current up trend could now be targeting 161.8% projection of 253 to 1033.9 from 681 at 1945.6. Sustained trading above 2000 psychological level should pave the way to 261.8% projection at 2727.2.

 

Comex Gold Continuous Contract 4 Hours Chart

[deb99 290]

!01

[NeoSeemadong 52]

Technical Analysis for Precious Metals

Analysis | Commodity Technical Analysis | Written by ecPulse.com |

Tue Sep 20 11 02:36 ET

 

Gold

The long bearish bar that took the metal from 1811.00 levels to areas below 1785.00 zones signaled that yesterday's caught breakout above the falling wedge pattern was a false breakout. We have three major technical factors that prevent us from suggesting possible bearish resumption as follows:

 

1. The metal is very close to the important Fibonacci level of 76.4% for the upside rally from 1702.00 to all-time high of 1920.00.

2. RSI 14 is very close to oversold areas.

3. The proposed Elliott sequence is still valid as 1702.00 provides floor for the IM wave.

 

Therefore, it is better to stay aside until clearer signs appear to pinpoint the upcoming big move.

 

The trading range for today is among the key support at 1702.00 and key resistance now at 1855.00.

 

The general trend over the short term basis is to the upside targeting 1694.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.

 

Support: 1761.00, 1755.00, 1745.00, 1728.00, 1715.00

Resistance: 1785.00, 1800.00, 1807.00, 1815.00, 1825.00

 

Recommendation Based on the charts and explanations above our opinion is staying aside until an actionable setup presents itself to define the upcoming big move

ถูกแก้ไข กันยายน 20, 2011 โดย NeoSeemadong