Thursday, May 3, 2012

Gold Moving to new highs

Kuldeep.rk asks:

"I am of the opinion that GOLD is breaking out the resistence line ( upper trangle line ) on daily / weekly charts. Have initiated initial long positions today. Can you check n confirm whether my observation is correct?"

Kuldeep is correct in identifying a breakout on the weekly Gold chart. There are two patterns - an ascending triangle and a rectangle consolidation. Here is the weekly chart, showing the rectangle, which I am tracking, and, my own trading plan.

 

2 comments:

Hu2012 said...

it is only due to weak ruppee nothing else. But,Gold is weak in Dollar trading. Please chk USDINR chart.

Tushar said...

PLS CHECK RSI ON WEEKLY CHART. WHAT IT INDICATING ?