With all the talk of gold these days, I went back and re-read all about the history of gold and how it got to where it is. Gold id more than just a commodity, There is something about the glitter and the luxury of gold that helps make the metal so popular. Just the idea of owning a gold necklace or a gold serving dish exudes a sense of class and wealth. Gold will never go out of style and as much as it fluctuates, it will always come out ahead in the long run. People should hold on to all their gold possessions. Investors who enjoy trading gold should look to professional analysts who post gold stats on a daily basis.
Im doing abit of analysis but dont see a trend either way im using the heiken ashi 1 day chart
Let me know what timeframes you have been looking at
Gold gained on rupee weakness but pared some of its gains weighed down as outflows from physical gold funds pointed to weak investment appetite.
Gold from the top price of 1392.716 till now was in a downtrend that Sellers were able to achieve the lowest price of 1268.477.As it is obvious in the picture below, price during the descending has touched the Support Level of 1277.658 and has created the hammer candlestick pattern. Formation of the lower long shadow(Hammer Pattern) in the last week candle shows the failure of Sellers in reaching to the lower prices. Closing of the bullish candle after this pattern will confirm it and warns about ascending of price.
Right now price is above 5-day moving Monthly and daily time frames that show an uptrend during the next candles.Currently the first warning for increasing of price is breaking of the resistance level of 1306.402. Stoch indicator in weekly time frames in saturation sell area and with the next cycle warns about ascending of price(also monthly) during the next candles. Generally until the bottom price of 1268.477 is preserved, price will have the potential for ascending and reformation.
