Monday, October 15, 2012

GOLD at Support & MA

This in continuation to my previous post [here]. 

GOLD has broken 100MA and is not bouncing (very little) from 200MA. This area also coincides with horizontal support area. This area is resistance-turned-support. GOLD Correction
For a long term long position, I am planning to buy in small sizes on every dip starting from this area. If this support gives in then next support comes in around 1715/20/25.

--------------------------------------------------------------------------------------- GOLD H4 Correction
Update 15-Oct-12 GMT 15:10:
After the break of horizontal support, GOLD falls to one month low and is at currently 1734. On H4 chart, price has broken 100MA & 200MA. Both these moving-averages have supported price since August. Now next support comes around 1715/20. 

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