London Session Watch - Gold

29 Agu 2014

Gold has been in a consolidation in todays Asian session. The short term trend for this market is up as all the short term moving averages (10 and 20) have crossed above the long term moving averages (50,100 and 200) except that the 100 period moving averages is still below the 200 period moving averages. The current support level is at 1287.00 and resistance at 1296.00. There's also a down sloping trendline which could act as a confirmation line for going long. If price break this down slopping trendline, we may probably have a buying opportunity in today London session as the Stochastic and Commodity Channel Index (CCI) is showing oversold condition at current market price.