GOLD Mid Week Update: Ranging With 1238.25 Key Resistance

GOLD Mid Week Update: Ranging With 1238.25 Key Resistance

18 December 2014, 21:11
Sergey Golubev
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D1 price is on primary bullish market condition with secondary ranging:

  • The price is inside Ichimoku cloud/kumo above Senkou Span A line which is indicating the ranging market condition within the primary bullish
  • Nearest support level is 1183.66
  • Nearest resistance level is 1232.72

W1 price is on bearish market condition with triangle pattern crossing by the price on open bar from below to above.

MN price is ranging between 1131.93 support and 1345.21 resistance levels.

If D1 price will break 1183.66 support level so the primary bearish may be started (the price may be globally reversed from bullish to the bearish on D1 timeframe)
If D1 price will break 1238.25 resistance level so the primary bullish may be continuing without the secondary ranging for example
If not so it will be ranging

  • Recommendation for long: watch D1 price to break 1238.25 resistance for possible buy trade
  • Recommendation to go short: watch D1 price to break 1183.66 support level for possible sell trade
  • Trading Summary: ranging
Resistance
 Support
1232.72
1183.66
1238.25
1141.70
1255.10
1131.93






SUMMARY
: bullish

TREND : ranging
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