FX GOLD
TECHNICAL ANALYSIS MACROECONOMICS
On Gold descending channel formation took a place on the short-term perspective. Further market downgrade would suggest next supportive measure at 1527.00 (S1) to be monitored. The fact, that current price structure is forming well recognized “Flag” price pattern many retail traders might prefer to place protective orders right below the mentioned support level. Execution of protective orders would lead to the price acceleration towards to next initial target at 1472.00 (S2) and if the instrument prolongs further weakness we expect an exposure of the last supportive structure at 1380.00 (S3).
Uptrend development is currently limited to the next resistance level at 1626.00 (R1). Break here is required to shift market sentiment to the bullish side and enable next visible targets at 1696.00 (R2) and 1750.00 (R3). Above it locates absolute maximum at 1798.00, clearance of which is possible only with important fundamental changes on the worldwide economy.
Resistance levels: 1626.00, 1696.00, 1750.00 Supports Levels: 1527.00, 1472.00, 1380.00
Zahir Shah
86 FX TRADER MAGAZINE April - June 2013
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