Gold Market Analysis

Gold TODAY
This price action will have been concerning for the bulls - with the dollar and equities sharply lower and oil higher, gold should have found support and moved higher, building on the breakout from the down trend channel on Friday/Monday.

This morning, gold is firmer at 1313 and looking likely to move back to the top of the uptrend channel at 1319, with the 80 and 200 hour MAs providing support at 1306 and 1299 respectively.

Gold moved in very narrow $10 range yesterday, with the high coming in at 1295 and the low at 1285. The low coincided with the 100 DMA and the lower boundary of the uptrend channel, which provided solid support.

However, gold is consolidating near to the previous day's lows, which suggests more downside is possible. The bulls need to push the price back above the 80 and 200 hour MAs, currently at 1298 and 1296 respectively, ideally before the weekend, to ensure the uptrend remains well in place.

Support can be found at 1285-1287,
1277-1280,
1273, 1267,

Resistance can be found at 1296-1298,
1304-1307,
1314-1315 '

09-05-2014
Gold Ranges

R3: 1306
R2: 1298
R1: 1294
Current: 1289
S1: 1285
S2: 1282
S3: 1277
Its report from my Senior who have experience of 15 year in forex.

19-05-2014
Gold Ranges

R3: 1314
R2: 1307
R1: 1302
Current: 1298
S1: 1292
S2: 1287
S3: 1278
Economic News (See www.************.com)

Plz use Stop loss

KSJA Gold Rates
Last Updated
17th May, 2014
24K/Tola: 48850
24K/10g: 41871
22K/Tola: 44779
22K/10g: 38382
Silver/10g: 630

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This price action will have been concerning for the bulls - with the dollar and equities sharply lower and oil higher, gold should have found support and moved higher, building on the breakout from the down trend channel on Friday/Monday.

This morning, gold is firmer at 1313 and looking likely to move back to the top of the uptrend channel at 1319, with the 80 and 200 hour MAs providing support at 1306 and 1299 respectively.

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