CommoditiesTrader
Long

Gold Trades Above the Key Psychological $1,200 Level

COMEX:GC1!   GOLD FUTURES
Gold             is probably the most hated financial instrument among the Wall Street elite. Higher gold             prices would assume that this so-called economic recovery was not as real as they thought. Given the bearish all-out attack on gold             and the well-sought after $1,000 mark, gold             has be resilient and rallied quite nicely.

There are a few factors for gold's rally. Technically, gold             prices have been able to find pricing support in the futures market at important support levels because a break below these levels would have caused significant technical selling, and that $1,000 per toz. level could have been triggered. Gold             traded above $1,200 this morning, and a close above this level would give way to further appreciation to $1,215 and $1,224 per toz. The first near-term target would correspond with price action resistance meeting the 50-day EMA. There are several minor descending trend lines that could hinder gold's progress higher as it trades through ascending channel created at the bottom. The bullish DMI             crossover suggests that price action is now entering bullish territory and the first time it has happened in a month.


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dREi
2 years ago
1220ish. bottom kumo.
Reply
CommoditiesTrader dREi
2 years ago
That's for an Ichimaku cloud, right? Not too familiar on that. Please explain :D
Reply
dREi CommoditiesTrader
2 years ago
the next resistance based on daily ichimoku. kumo means cloud. heads up with harmonics pattern.
Reply
dREi CommoditiesTrader
2 years ago
snapshot

chart
+1 Reply
dREi dREi
2 years ago
snapshot

redraw.
+1 Reply
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