Gold’s weekly outlook: Jan 29-Feb 02

Gold soared to fresh 52 week high amidst a falling dollar and a hedge against continued bubble creation in equities market around the globe. Gold hit a high of $1365 before settling lower around $1350 mark on technical pullback as it was trading way outside the Bollinger band and it had to be pulled back inside the band. The upside yet again remains on the cards as it closed above the support of $1345.

On the chart –

Gold registered a fresh 52 week high and still remains in strong demand as circumstances around the globe both bubble in equity markets and geo political tensions linger. Gold’s closing above the support also suggest momentum is still with the bulls. We have 2 scenarios –

1. The closing above the support suggests the downside is limited and if the support holds it can climb back to its fresh 52 week high of $1365. If this is held it can rise to the highs of $1374.

2. There are no shorts trades unless the support is broken, and if broken the downside is limited to $1331.

Bullish view – Bulls continued the show of strength registering a fresh 52 week high but failed to sustain there. They still remain in the game as the support at $1345 was held and if it continues to be strong then the upmove back to the highs cannot be ruled out. Gold will remain in bullish grip till $1308 is held and its likely that bulls will keep on the winning ways intact. If the support holds and slump in the dollar strength continues gold can see new highs and a run towards $1400 mark is on the horizon.

There are no bearish views as the support was held. Only factor which may lead to a sideways to negative returns is no scope for further rise in weekly Bollinger band .

On larger terms, Gold continues to be in bullish grip and prices are expected to be sideways to higher.

Possible trades are on both sides but largely on long side, gold can be bought above $1354 for the targets of $1365 and $1374 with a stop loss placed below $1345. Longer term target $1400.
There are no short trades unless $1345 breaks, and if it does still its limited to $1331.
Kommentar: Support at $1331 respected again and the price rebounded as expected
Kommentar: In a range between $1331-$1345, in order to make a directive move either has to be broken through
Kommentar: Trade active
Kommentar: Short scalp from $1345 to $1331 achieved
Trade geschlossen: Ziel wurde erreicht
That's great. So where are we headed next?
vanimator monitorr
@monitorr, lets see, I'll rechart tomorrow for next week.. next support at 1317 and next resistance at 1345
monitorr vanimator
@vanimator, Great, looking forward to it.
@vanimator, Spot as usual, keep up the good work :))
vanimator monitorr
@monitorr, Thank you!
@vanimator, I note that this current ABCDE correction should hit the top of the line at $1386 before making a move up or down. Do you think this is the case?
vanimator monitorr
@monitorr, might be, the 52 week high is a turning point for further upmove... though i expect it to correct a bit not much after hitting highs in the region of $1374-$1400, i still will be bullish as we have the monthly chart pointing towards $1600
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