Gold Outlook
Trade Alert for – Symbol XAU/USD Description GOLD
Gold
Gold found support at $1200; reversal above resistance at $1220 would indicate an advance to $1380. Breakout above $1260 would confirm, while retreat below the rising trendline would warn of another test of primary support at $1060. Momentum respect of the zero line (from above) would indicate continuation of the primary up-trend.
Trade Alert for Gold Monday Jul 19, 2010.
On Jul-07-2010 a candlestick formation confirmed a buy signal. 4xGenie Action: Maintain long position. Stop at 1184.80. Wave 5 could rise up to 1364.78 or to 1433.17. NOTE: The width of the Bollinger Bands has started to narrow which indicates that prices are beginning to consolidate.
Next Day Trading Ranges for Monday Jul 19, 2010.
The 20 day moving average of the daily trading range is 18.8090 and the 60 day moving average of the daily trading range is 20.0432. This shows that volatility has decreased in the short term. The percentage of updays when the open/low ratio is less than 25% is 64.97 percent. This means that if this spot gold does not drop more than 4.7022 from the opening price then there is a 64.97 percent chance that this will be an upday.
The [R3] or the most extreme high trading range is 1197.2133.
The [R2] or the extreme high trading range is 1195.4666.
The [R1] or the high trading range is 1193.9733.
The [P] or pivot point is 1192.2266.
The [S1] or the low trading range is 1190.7333.
The [S2] or the extreme low trading range is 1188.9867.
The [S3] or the most extreme low trading range is 1187.4933.
Next Day Alternate Stops for Monday Jul 19, 2010.
The red line to the right on your chart is an extreme support or resistence level for the next trading day.
A good alternative stop is one which is placed just beyond this extreme support/resistance level.
In this particular case if the price drops below 1188.9867 then that would show momentum against 4xgenie's long position and that would be a break out to the downside.
Please Note: These support/resistance levels are calculated by using the previous day's trading range. Normal volatility may cause a breakout of this value once every 4 or 5 days when prices consolidate.
Current Day Trading Session:
No signs of upward momentum at this time.
Next Day Trading Session:
If the next day's close is above 1214.6933 then that could be a sign that new upward momentum is beginning.
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