Tuesday, 2 September 2014

Commodity Market - Last Week Gold Report

Last week gold traded with a positive bias and ended the week on a positive note. It has taken support at a rising trend line drawn from the low it made in late December last year. It is currently trading below the 20-day moving average (DMA; $1,295) and the 40-DMA ($1,296). The daily momentum indicator still has a negative cross-over but it is showing some strength on the back of positive price action seen in gold last week. 

We maintain a bearish stance on gold with a revised stop
loss of $1,296.5, which is the high it touched in the last week, for a target of $1,263 1,259, which is a crucial support area as it coincides with the equality target and the 78.6% retracement level. Below $1,259 gold can see a free-fall to $1,240, which is the previous swing’s low, and $1,223, which is the 161.8% extension target.

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