Gold Hits $1215 Level
December 2nd, 2009 Posted in Technical Analysis
Name: Anton
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Gold climbed to a record high at $1,215 on Wednesday as a weakening dollar boosted demand for the commodity as an alternative investment. As I will demonstrate below, the price of gold may very well be heading for a reversal. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal. Don’t forget your Stops and Limits!
• Point 1: There is a “doji” candlestick formed in the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 3: The RSI signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
• Point 4: The Williams Percent Range is testing the upper border at the 0 mark, which merely highlights some added downward pressure.
Gold Daily Chart
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Tags: commodity prices, Forex, forex blog, Gold, gold news, gold silver, gold today, gold usd, RSI, Slow Stochastic, Technical Analysis
