Gold Prices Set to Decrease
June 26th, 2009 Posted in Analyst Picks, Gold
Name: Anton Eljwizat
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• Below is the 4-hour chart for the Gold by ForexYard.
• The indicators used are the MACD, Slow Stochastic and RSI.
• Point 1: The Slow Stochastic shows a bearish cross, signaling that the next move may be in a downward direction.
• Point 2: RSI signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
• Point 3: The MACD indicates a bearish cross, which supports the downward notion.
• If the impending breach is indeed downward, going short with tight stops appears to be preferable strategy in the next few days.
Gold 4 hour Chart
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