Gold gave up $8.70 last week (after the previous week's gain of $81.30/oz.) to close at 1,230 and printed a bearish harami candlestick on the weekly chart. Friday's close was on resistance at 1,230. Look for support at 1,190.
A breakout from the 34-month exponential moving average (chart) would be very bullish. Assuming a breakout, our price target is 1,370.
Cycles
A 4yr cycle low is due in the first half of 2016 possibly as early as Feb/March but It looks increasingly as if it may have arrived last December. Wait for a breakout from the 34-month moving average to make that decision. Weekly cycles point to a high in late March.
By: Ed Carlson
If you want to make wiser investment choices. Don’t Forget to visit Epic Research.
ReplyDeleteBSE Mid-cap index was trading at 15,692 level, up by 0.04% while BSE Small-cap index was trading at 16,132 level, up by 0.02%. The rupee opened at 63.94 per USD as against the previous close of 63.9 per USD. capitalstars
ReplyDeleteI have read your blog, It is very useful ,Thank you very much.
ReplyDeleteCommodity HNI Tips
Commodity Gold Tips
Useful Information, your blog is sharing unique information....
ReplyDeleteThanks for sharing!!!
MRSSteel