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Fundamentals
Fundamental analysis for precious metals gold - 6/4/2008
04 Jun, 2008 @ 02:51 am EST
Gold prices declined yesterday along with all other assets against the dollar, reaching to a critical point around 872 which if breached the pair will sink into a neutral area. However, as far as this level remains intact, and technical indicators are still pointing higher, the upside potential is still high and as the metal is oversold a reversal is expected around those points.
The trading range is among the key support level at 872 and the key resistance level at 905.00.
The general trend is to the upside as far as 810.00 remains intact; targets are set at 1080.00 and 1170.00.
| Support | 874.50 | 872.00 | 869.10 | 866.00 | 859.40 |
| Resistance | 881.00 | 883.50 | 888.40 | 891.00 | 893.40 |
Recommendation | Buy Gold above 872 with a target at 884 and a stop loss below 869.00. | ||||
Comments
More Gold
Fundamental analysis for precious metals gold - 10/6/2008 Oct 06, 2008 5:21AM- Gold still up... Oct 06, 2008 4:23AM
- Fundamental analysis for precious metals gold - 10/3/2008 Oct 03, 2008 4:51AM
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