As we all know Gold prices are under Havoc, it have already slumped 11% this year so in the long run i expect it to boom very high. I will be uploading my technical views and all the suggestions on Gold are most welcomed.
Daily Technical Analysis for Gold
- Thread starter Dhanveer Singh
- Start date
- Watchers 1
I have seen a downward channel forming in the gold charts depeicting a complete beraish picture. Bullion was under pressure of the Speculation of Fed Rate hike since two years and traded lower and lower, but now as Fed have made its decison and finally hiked its interest rate after a decade. I am wating for this technical channel to show a break on either side. If its breaks the support level of $1040, the technical selling might lead prices to touch its nex major support at $1000 and on the upper side major resistance level stands at $1100, prices above this level might lead the bullion to trade around $1200.
I know this is a very long picture. For the short term i find gold prices might sustain below $1100 till the end of this year!
All the suggestions are welcomed!
I know this is a very long picture. For the short term i find gold prices might sustain below $1100 till the end of this year!
All the suggestions are welcomed!
