Technical Outlook on Gold, Crude,Silver | FXTechstrategy
Written by Mohammed Isah
Sunday, 13 May 2012 23:05
GOLD: Bullishness To Target The 1,400.00 Level.
GOLD: The commodity continues to face bull pressure closing strongly higher the past week and aiming at a further strength. Though we saw a setback on Thursday pushing Gold back down off its all-time high at 1,366.00, its Friday strength has taken back most of those losses and opened the door for a return to that level as we enter a new week. On a violation of the 1,366.00 level, Gold should build further strength towards the 1,400.00 level, its psycho level. It may face a considerable resistance at that level due to the psychological nature of that level, but if it eventually pushes through there the 1,450.00 level will be targeted. Its weekly studies are bullish and pointing higher supporting this view. Alternatively, if pullbacks occur, its psycho level located at the 1,300.00 level will be targeted ahead of the 1,265.05 level where a reversal of roles is expected to turn the commodity back up again. Further down, support is seen at the 1,220.00 level. All in all, with Gold continuing to sustain its bullish momentum, further up pressure is expected.
GOLD: Extends Weakness, Breaks Key Support
GOLD: With the commodity breaking its key support standing at 1,612.10 the past week, the risk is for GOLD to weaken further into the new week. In such a case, the 1,522.55 level, its Dec 2011 low will come in as the next downside target with a break of here opening the door for further declines towards its psycho level at 1,500.00. Its daily RSI is bearish and pointing lower. Alternatively, the commodity will have to return above the 1,714.35 level to annul its present downside threats and then open further upside towards the 1,802.75 level, its Nov’2011 high and possibly higher towards the 1,84 outlook on Gold 50 level. All in all, Gold continues to hold on to its short term downside bias.
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