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We have been witnessing a strong bear market in the gold correcting from 1910 in 2nd quarter of 2011 to the recent low of 1180 which was quick $730/oz or nearly 40% correction in flat 2 years which is a sharp correction. Now the question arises is will it stop here or how much more will it correct. I am trying to present the scenario with daily and weekly charts. I am using the trendlines, Fibonacci retracements, RSI for my supporting the bull side in my analysis.
First look at the daily chart and apply the Fibonacci retracement. Applying it from the closing low of 2008 and the high in 2011, gold is retraced up to 50% and as the chart suggests, it’s taking a strong support at that level i.e., $1180/oz zone it tested those levels in July and December 2013 and also this month. Every time it’s reaching those levels we are seeing a strong volume up wards.
On the weekly chart we are witnessing previous downtrend resistance trend line is acting the support trend line for the gold. The lagging indicators Exponential Moving averages of 50, 100 and 200 are currently in sell mode. Where as the leading indicator RSI is currently showing a positive divergence and also suggests over sold in t…
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Elani avatar
Elani 27 Oct.

very good analysis!

vasu avatar
vasu 28 Oct.

nice

vasu avatar
vasu 28 Oct.

bottomd gold...annytime it may jumppp....s ur wrdz

NagarajaAdiga avatar

LOL! with in a week of writing article about future of gold, it's broken the major support of 1180 zone. now we may witness 1108 zone in few weeks.

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In this article I am going to discuss the following areas of importance with the EURUSD and how you should prepare for these levels.The EURUSD is by far the most popular pair that is traded, it links the two largest economies - UNITED STATES OF AMERICA and EUROPE.Recent Events in Europe down to the growing sovereign debt crisis has led to a leap in Safe havens such as USD pushing EURUSD down.I believe that this trend will continue onwards and as such, in a long term outlook I am BEARISH EURUSD.Fundamentally A weaker EUR increases Exports as there goods and services are cheaper to buy from abroad and this is a good boost to all eurozone economies as they will get increased sales.In the very long term it is possible to believe that if the PIIGS (Portugal, Italy, Ireland, Greece and Spain) were to leave the EURO MONETARY UNION that it would be slicing the weaker nations leaving the "good" ones left and this could result in a large rise.ALL of the areas I will be referring to will have a HIGH R:R for any trader you could gain 5pips for every 1 quite easily with these high probability trades.Technically speaking though It is very OVERSOLD meaning any good news would mean a VERY fast whi…
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ansusimple avatar
ansusimple 16 Dec.

The analysis is good.... keep it up..

doctortyby avatar
doctortyby 18 Dec.

Do you think it can go lower, or retrace upside from here? Check my analysis and tell me what you think +!

ritesh avatar
ritesh 22 Dec.

Wishing you a very happy and prosperous New Year. +1

Drackyboy avatar
Drackyboy 31 Dec.

good analysis +1

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