GOLD Intraday Technical Analysis 2012-12-31 |
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Technical indicators provide sell signals and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility.
Gold is currently testing the intermediate resistance of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1,665 with the 1st objective at 1,655 and then at 1,652. A breakthrough of 1,668 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy gold as soon as it is broken through its resistance of 1,665 with the 1st objective at 1,675 and then at 1,678. A breakthrough of 1,662 will invalidate this scenario.
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