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Gold 03 September 2012

COMEX:GCZ2012   GOLD FUTURES
154 0 0
Gold             daily time frame price action confirmed newly found support at 200 day SMA . Friday trading witnessed an explosive break through the falling resistance trend line . If the current bullish sentiment prevails the next resistance on the upside is located at 1720-1725 level followed by 1792-1800. Alternatively the first support on the downside is located at 1646 which is also 200 Day SMA . This support level needs to stay intact for a bullish scenario to continue. The current Red Flags are the Indicators like MACD and Stoch which are at over- bought levels, but they can stay extended for a long time.
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