Tuesday, 9 October 2012

GOLD (COMEX) POISED FOR TECHNICAL BREAKOUT ABOVE 1801$ ?

Gold is very interestingly poised and approaching important resistance near the 1801 $ levels. A breakout above this level can see the previous highs being tested by the end of the calendar year. A very strong support base has formed near the 1520/1550 $ zone. In Elliot wave terms the complex correction may be over(W-X-Y)  and a third wave may be underway to test the previous highs. Traders in India need to factor in the USD/INR movement to capture the full upside. A failure to break the 1801 $ levels may force a review of our bullish view.














Mohan Raghav
CEO, Financial Markets Algorithms
Web: www.financialmarketsalgorithms.com
blog: fmatechnicals.blogspot.com/
Twitter: camohanraghav
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours but individual may have acted on our advisory and may have taken positions in MCX orin overseas exchanges.

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