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22 May 2014
Gold could be a buy on dips - FXStreet
FXStreet (London) - Harsh Japee, FXStreet Independent Analyst comments that Gold has made interim lows earlier at $1,270.00 levels before pulling back strongly towards the $1.3000.00/04.00 region.
Key Quotes
“Since then, the metal has been consolidating in a cone form between $1,280.00 and $1,305.00/10.00 respectively. At the moment, the metal is again seen to be taking support from $1,290.00 levels as seen here. A bullish bounce could take it to the upper boundary of range. On the other side, a break below $1,280.00 could favour a bearish setup.”
“Support is seen at $1,270.00/80.00 followed by $1,240.00 and lower levels while resistance is seen at $1,310.00/33.00 (intermediary) and $1,388.00 respectively.”
“The wave structure indicates that Gold should be still poised to rally further towards $1,350.00/60.00 region. Bottom line is that prices should break higher than $1,330.00 levels at least, before this could be confirmed.”
“A safe trading approach would be to consider a break higher than $1,310.00 and $1,330.00 first, then buy on dips. A rather aggressive setup could be to initiate longs now; risk would remain at $1,270.00.”
Key Quotes
“Since then, the metal has been consolidating in a cone form between $1,280.00 and $1,305.00/10.00 respectively. At the moment, the metal is again seen to be taking support from $1,290.00 levels as seen here. A bullish bounce could take it to the upper boundary of range. On the other side, a break below $1,280.00 could favour a bearish setup.”
“Support is seen at $1,270.00/80.00 followed by $1,240.00 and lower levels while resistance is seen at $1,310.00/33.00 (intermediary) and $1,388.00 respectively.”
“The wave structure indicates that Gold should be still poised to rally further towards $1,350.00/60.00 region. Bottom line is that prices should break higher than $1,330.00 levels at least, before this could be confirmed.”
“A safe trading approach would be to consider a break higher than $1,310.00 and $1,330.00 first, then buy on dips. A rather aggressive setup could be to initiate longs now; risk would remain at $1,270.00.”