BTC USD 81,949.8 Gold USD 4,136.44
Time now: Jun 1, 12:00 AM

FX GLORY - fxglory.com

As it was mentioned in the previous analysis of Gold dated 08.10.2012, the price has been stopped and had a downfall by reaching to resistance levels. Right now in daily time frame, Gold by reaching to the Fibonacci level of 23.6 from 1527.03 to 1795.68 levels has been stopped and formed a bottom price on this Fibonacci level.

Generally until the supportive level of 1728.07 is preserved, price has the potential of ascending from this bottom price. Stoch indicator in daily time frame shows the possibility of ascends and increases of the price in the next candles according to the next cycle. In 4H time frame the price has been stopped by reaching to the descending trend line and has formed a top price. Right now there is a little downfall in price and cannot pass this resistance level. There is the possibility of decreasing in price according to the descending trend line in 4H time frame. Breaking of descending trend line and closing of the first ascending candle on this line is the first warning for starting of the ascending trend and increase of price.

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forex factory 19 oktober 2012

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