Bullion - Technicals

Gold is moving in a triangle with base @ $1074, which incidentally is an important Fibonacci support ( 50% Retrace).

Next trend resistance & the Fibonacci level is around $1110 , breaking of this level will give a triangle break out & Gold has potential to reach its previous high.

Stop loss of $1070 is must.

please go through the disclaimer mentioned elsewhere on the blog.

Disclosure : I am holding the positions in above mentioned commodity /stock.

Bullion - Head & Shoulder Pattern Updates

Gold has broken the Neck Line & touched the upper band & is reacting.

If Gold retraces back to the neck line & moves up again, probability is it will move ahead of all time high.

With Re weak against Dollar, there is a double impact in Indian market.

People, especially women are selling gold ornaments to cash in on the rally. But is it prudent?
Is this the top or we are still in the middle of a rally? :-)
International Elliot Wave Gurus has something else to say.
Well, more in the next post.

Please go through Disclaimer on this blog.

Disclosure: I may have position in above said stocks/Commodity for myself/ family members / friends.