Gold Trend 25/Feb/2013

Long Term=Bullish - major yearly resistance 1792-1804 needs to be exceeded on a monthly bass and close above 1840 to resume long term up bull trend.

Medium Term=Neutral - It takes a weekly close above 1694 to turn the trend back to bullish. Resistance 1755-1765(Oct/Nov 2012 Resistance) Support 1500-1550.
Intermediate Term= Bearish--it takes a close above 1631 for neutral.
Short Term=Neutral --- Need a close above 1616 for bullish & close below 1542 for bearish
Support and Resistance
(APRILGOLD – SUBTRACT TWO DOLLARS FOR APRIL GOLD)
Initial Resistance 1590-1595 and 2nd tier 1604-1611
Initial Support 1569-1573 and 2nd tier 1542-1554

Gold stabilised on Friday, finding support at 1570 and resistance at 1587 in quiet trading to form a "doji" candlestick on the daily chart.  This morning, gold has seen some buying support enter the market and has moved up to currently trade around 1590.

The market remains extremely oversold, with the RSI at levels not seen in the past 5 years on the daily and weekly charts.  With the decline in gold halting on Thursday and stabilising on Friday above 1550, the potential for a recovery rally increases with every hour that gold remains above support at 1550.

The oil price is also stabilising after huge declines last week and the dollar has also stopped rallying, giving some much needed respite to gold.

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GOLD CURRENT TRADE
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Long 1 April Mini Gold at 1588 on 25/02/2013

Stop lose at 1553

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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 

 Do your own due diligence. 

No one knows tomorrow's price or circumstance. 
 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 
I do not accept responsibility for being incorrect in my speculations on market trend. 

 King Regards