Gold – Medium Term View

This is a weekly chart of GOLD since 2008 and as it is evident on the charts that Gold has been trading in a long term parallel channel ( between 2 red lines ) since last 2 years. This channel has been broken on weekly closing basis. An extreme short term channel ( between 2 blue lines ) has also been broken when prices crossed 22800 on last trading day of the week. Though the yellow metal is looking a little bit overbought in extreme short term but it will eventually head higher to touch major resistance band of 24500-25500 range. Buy on dips to 22000-22500 range would be the best strategy


GOLD - Weekly



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  1. praveen gupta
    May 4, 2011

    Dear Nooresh

    Now since correction is set in gold and silver and in case of silver correction is seen up to 37 USD which is almost 50% retrecement of 27 to 49USD rise. Please post your comment on this analysis, or you expect to fall more than that.


    Praveen Gupta

    1. nooresh
      May 5, 2011

      Hi Praveen,

      Silver has over over done the move and may now stabilize at 37-42 for some time.


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