Gold – Short term trading

Spotted an obvious bull flag for gold (XAUUSD).

Scalpers should look at 1630 for immediate profit taking level.

XAUUSD H1



no matter how you look at it, it is a bull flag
Gold lovers rejoice! Your bullion and gold bars are worth more now than ever!

Gold & Silver Technical Analysis

Hello folks! This is my view about the possible movements of precious metal in the upcoming week.

You can trade spot Gold(XAUUSD) & spot Silver(XAGUSD) in the market.

Gold(XAUUSD)

http://fxgump.com/wp-content/uploads/2011/07/gold3.png
Obeying upward sloping ED channel

Gold has been obeying an upward sloping ED channel for the past 2 weeks. Hoping to see Gold do a throwback to the orange zone(fib 7-8) and we might see an attempt to 1650(fib ext 161.8) in the upcoming week.

Silver(XAGUSD)
http://fxgump.com/wp-content/uploads/2011/07/silver2.png
Obeying upward sloping ED channel

Seems like Silver is also moving in an upward moving ED channel. Silver poise for further upside if purple zone remain supported.

Final Comment

In time of uncertainty, precious metal proves to be the one of the best investments

Week 34 Gold Technical Analysis @ FxGump

Another week of Gold frenzy. Here is my take on Gold & Silver for the upcoming week, which are probably the market’s darlings of 2011.

Gold (XAUUSD)


Resisted at top of ED channel

Gold price seem to be facing some resistance at the top of ED channel and has also reach 138.2 Fibonacci extension. I’m looking at a throwback to the green zone in the upcoming week.


Potential Support zone (green zone)



Price will most likely do a throwback to the green zone and bottom of the ED channel. If that support zone fail then I’m looking at a retracement to 1670, in order to cover that gap up.