Forex Yard - Gold Trading Strategy Day 30/12
| Pivot : 1202 Key Strategy : Buy on the 1202 targets for 1227 -1245 Secondary strategy : If break below 1202 target return 1187-1167 The level of technical support Resistance : 1266 -1245 - 1227 Current Price : 1212.8 Support levels: 1102 - 1187 - 1167 |
ScotiaMocatta - Identify trend gold price date 30/12
Last week , gold closed slightly up at 1214 , so this metal has closed alternating up and down in the last 8 weeks . However, the candle fell more platforms , going from 1361 to 1187 . 1180 lows could be tested again .
Prospects from Elliot wave , we find that the price is in wave C , which is the last in series 3 wave corrective wave from the 1921 level ( the peak in the month of 9/2011 ) . The potential target for wave C is 1155 , according to the Fibo 61.8 % rise from 2008 to 2011 , or 1044 , to the bottom of wave 4 .
RSI is at 35.2 , with support on level 20 , so that gold could continue falling before approaching the oversold territory .
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