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Gold Comex weekly Chart analysis

As per weekly charts of gold it is trading in pretty uptrend and trading near its life time highs. A fresh bullish swing has started after a breakout above 1435. Gold is trading in ascending parallel channel as we can see in snap shot of weekly chart and it has formed a bullish breakout above 1435 and now resumed a fresh bullish swing and as per this swing we will see $1600 on cards very soon. A fresh bullish cross over formed on MACD indicator that is also suggesting that buyers are still activate in this counter. There will be a great opportunity for buyers if a decline occurs around 1440-1430 zone that will be good buying area with a stop loss below 1390 on weekly closing basis for upside ride up to 1532-1602 in near term. On small time frame current swing may rally up to 1502 in few days and a reversal can occurred from that levels but long term time frame still bullish and a weekly close below 1390 can neglect this view otherwise bull market will continue in gold .

Comments

Anonymous said…
good work again sunil.you r the best
April 16, 2011 at 10:09 PM
Anonymous said…
u r chart and technical analysis work is seen with gold touching 1530 dollars and heading towards 1600 dollars.u r the best break ur barriers and show the world that no one can match u..................ram
April 28, 2011 at 4:31 AM
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