TheBanker
Long

Commodity Analysis And Trading Tips - GOLD BUY!!

FX:XAUUSD   Gold Spot / U.S. Dollar
Today's Chart - XAU/USD            

Overview :
Gold             gave up some of its sharp overnight gains on Friday, but held above $1,200 an ounce as a drop in equities stoked fresh safe-haven demand for the metal.

On Technical charts, Current trend of Gold             is bullish , it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is likely to be further bullish , it has retrace its recent significant upward movement and still sustaining above the downward sloping trend line with formation of symmetrical triangle. It has been taking support of 50 DMA & 200 DMA on one hourly chart. Resistance is seen at high of $1240, while support is seen at $1200. On intra-day basis Gold             price likely to trade tight range.

Indicators:

RSI entered and remains in positive territory now, trading at 52.9.



Let me know if you like the analysis guys and I will keep it coming :)


Trade active
Comment: Targets will be hit within a few days now for sure.
Comment: Hope to see TP1 hit today
Trade closed: target reached
Very nice. The latest COT report also indicates that the commercials and money managers are quite bullish on gold, platinum, and silver.
+1 Reply
TheBanker Legit_Kittens
Yes... whispers all over!
Reply
please keep it coming indeed, thanks
+1 Reply
Glad you enjoyed this!
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