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GOLD: Broke below an important support level…
The Daily trend is in a Downtrend technically indicated by following:
• Price is currently trading BELOW the uptrend trend-line.
The downtrend is confirmed from the MAs. Bearish cross observed- MA 10 cross under MA20.
RSI:
• RSI is BELOW the equilibrium level- 50. Bearish Momentum.
Generally, Gold is back to the level of June 2016, broke below the important support level at 1300.00.
Bearish Scenario:
With the break below the uptrend-line which is a signal for short positions, we will recommend SHORT POSITIONS for the no position holders on GOLD. Take profit at 1250.20 (S1+SMA200) and then at 1202.00 (S2) and stop loss should be a bit above the 1300.00, thus the stop loss is at 1325.00 area.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
Bullish Scenario:
While sentiment remains bearish, it is too early to recommend any long position. Therefore we are waiting for a reversal move.
• Price is currently trading BELOW the uptrend trend-line.
The downtrend is confirmed from the MAs. Bearish cross observed- MA 10 cross under MA20.
RSI:
• RSI is BELOW the equilibrium level- 50. Bearish Momentum.
Generally, Gold is back to the level of June 2016, broke below the important support level at 1300.00.
Bearish Scenario:
With the break below the uptrend-line which is a signal for short positions, we will recommend SHORT POSITIONS for the no position holders on GOLD. Take profit at 1250.20 (S1+SMA200) and then at 1202.00 (S2) and stop loss should be a bit above the 1300.00, thus the stop loss is at 1325.00 area.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
Bullish Scenario:
While sentiment remains bearish, it is too early to recommend any long position. Therefore we are waiting for a reversal move.
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