Good Afternoon Friends!
In October 2008, GOLD low was 681.35 and after that GOLD gave good rally and made high $1920.59 in Sept 2011.
According to Fibonacci Study from 681.35 to 1929.59, GOLD break major support 1302.03 (50% Retracement Level as per Fibonacci Study) and ready to hit next major support 1153 level & 61.8% Fibonacci Retracement.
As per current scenario GOLD will not go higher but a condition arises on this , if we get Weekly closing below 1153, then GOLD ready to touch 972.36.
But GOLD has a major support & 61.8% Fibonacci Retracement Level 1153, so it can bounce from 1153 up to 1290 or 1360.
But as I have a continuous watch in market, i don't think so that GOLD is in a mood to give big rally, because if we see monthly chart of GOLD its in mood of "M" formation. It will not be a surprise for me if GOLD again touch 682.
Regards
Chandan Singh
Technical Analyst
CommodityMarket2008 Advisory Services
((91-11-9899993052, 91-11-9818982844))
In October 2008, GOLD low was 681.35 and after that GOLD gave good rally and made high $1920.59 in Sept 2011.
According to Fibonacci Study from 681.35 to 1929.59, GOLD break major support 1302.03 (50% Retracement Level as per Fibonacci Study) and ready to hit next major support 1153 level & 61.8% Fibonacci Retracement.
As per current scenario GOLD will not go higher but a condition arises on this , if we get Weekly closing below 1153, then GOLD ready to touch 972.36.
But GOLD has a major support & 61.8% Fibonacci Retracement Level 1153, so it can bounce from 1153 up to 1290 or 1360.
But as I have a continuous watch in market, i don't think so that GOLD is in a mood to give big rally, because if we see monthly chart of GOLD its in mood of "M" formation. It will not be a surprise for me if GOLD again touch 682.
Regards
Chandan Singh
Technical Analyst
CommodityMarket2008 Advisory Services
((91-11-9899993052, 91-11-9818982844))
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