Commodity Technical Outlook - GOLD

1
Monday, 24th of Oct, 2011
COMMODITY TECHNICAL OUTLOOK GOLD
FXTechstrategy Team
info_at_fxtechstrategy.com
  GOLD Takes Back Gains, Vulnerable To The
Downside Towards 1,595.75. GOLD With a reversal
of its previous week gains seen the past week,
Gold looks vulnerable in the new week suggesting
a follow through lower on the back of bear
threats. That vulnerability could see the
commodity weakening further towards the 1,595.75
level, Oct 042011 low where a violation will aim
at the 1,532.90 level, its Sept2011 low. Below
here will resume its weakness towards the
1.500.00 level, its psycho level ahead of its
July 012011 low at 1,478.05. Its weekly RSI is
bearish and pointing lower supporting this view.
On the upside, to restart its corrective
recovery, the commodity will have to return above
the 1,693.95 level. This will open the door for
further strength towards the 1,702.31 level, its
Aug 252011 low. We expect this level to reverse
roles and provide resistance thus turning the
commodity back down. However, if taken out,
further recovery strength should build up towards
the 1,754.55 level, its Sept 232011 high. To
read the full version of this 7 model currency
analysis click here FXT Technical Strategist
Plus
www.FXTechstrategy.com The Ultimate
Technical Research on Forex
2
This report is prepared solely for
information and data purposes. Opinions,
estimates and projections contained herein are
those of FXTechstrategy.com own as of the date
hereof and are subject to change without notice.
The information and opinions contained herein
have been compiled or arrived at from sources
believed to be reliable but no representation or
warranty, express or implied, is made as to their
accuracy or completeness and neither the
information nor the forecast shall be taken as a
representation for which FXTechstrategy.com
incurs any responsibility. FXTstrategy.com does
not accept any liability whatsoever for any loss
arising from any use of this report or its
contents. This report is not construed as an
offer to sell or solicitation of any offer to buy
any of the currencies referred to in this report.
Click here for full disclaimer