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Gold: Four Main Technical Reasons Offer Selling Opportunity

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Publish Date28/08/2012 05:59:36 AM

Last Update28/08/2012 06:00:22 AM

Gold: Four Main Technical Reasons Offer Selling Opportunity

 

 

The daily studies of gold offer four major technical reasons that argue us to join bears in their short journey which started after topping at 1677.00 zones as follows:

 

 

 

Click on the image for a larger view

  1. The bearish harmonic pattern that started on July, 27 at 1630.00 and its Fibonacci rhythmic suggests that the pattern is a deep crab structure. The first target of this pattern resides at 1643.00-38.2% of CD leg- followed by 61.8% at 1622.00.
  2. The clear bearish candlestick formation appearing on the secondary image.
  3. The obvious negative crossover appearing on Stochastic.
  4. The bearish actions started at the resistance line as seen on the chart below.

Click on the image for a larger view

In summary, the metal may edge lower over upcoming sessions; noting that, a break above the wide resistance areas between 1677.00 and 1700.00 will make us reconsider our outlook.

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