Buy GOLD near support at $746 !

Update Date: 12th Sep

As per the analysis on my previous post dated 10^th Sep, gold has gone down to $734 low, near to my suggested support at $725-$730 zone. Thursday’s daily candlestick and Friday’s daily candlestick have formed a bullish pattern which suggests a bullish reversal. I would suggest checking the price action around small red trend line at $770 area. If buying volume is high, then it is a good idea to BUY gold at any pull back with stop/loss at $740 for initial target at $800 and next target at above $825

Daily GOLD Chart



Update Date: 10th Sep

Recently all commodities are heading south with huge momentum, particularly crude, gold and silver. Gold is a favourite commodity with Asians, especially Indians. Many traders would wonder where the nearest bottom is, so that they can buy more at proper support area.

Here is my view about gold in a daily and weekly basis.

Daily GOLD

Daily chart looks very bearish. Down volume is much higher than up volume. I have drawn a pitchfork with three corresponding points. It clearly shows downward momentum is high. Next support is seen at $725 - $730. Nearest resistance is seen at $791.

Weekly GOLD

As per weekly gold chart, price could come down below $700; however gold could get support near $700- $675 area because of oversold situation and psychological support at $700 level.