gold february 03 comex technicals

  1. 419 Posts.
    Paris, Dec 30 (TRADING Central) --

    Daily indicators are positive and have crossed above their respective declining

    trend lines (MACD and RSI). They are near resistance levels. Our 354 up target

    has been reached and a high at 355.70 reached. This level triggered some profit

    taking, driving the contract down to the 350 area and then to 339.

    Now, the contract has bounced back up to the 350 area. Above 352, look for a

    retest of 354 and 355.70. Below 347, expect a drop to 345 (strong intermediate

    support).

    Trend : ST rise ; MT upside

    Pivot: 339

    Preference: continuation of the rise.

    Alternative scenario: below 339 expect a drop to 335.23 and 330.

    Key levels to watch:

    380.00 ** horizontal resistance

    378.50 ** 76.4% retracement of the Feb 1996 - Aug 1999 down move

    366.00 horizontal resistance

    360.00 horizontal resistance

    356.10 * upper daily Bollinger band

    355.70 contract high

    354.00 ** 61.8% retracement of the Feb 1996 - Aug 1999 down move

    352.00 ** horizontal resistance

    349.30 last

    345.00 ** intraday support

    343.42 upper weekly Bollinger band

    340.76 38.2% retracement of the Dec 02 - Dec 19 up move

    339.00 ** December 20 low

    336.15 50% retracement of the Dec 02 - Dec 19 up move

    336.00 horizontal support

    335.23 ** 20 day MA

    335.00 ** 50% retracement of the Feb 1996 - Aug 1999 down move

    333.00 intraday support

    331.50 61.8% retracement of the Dec 02 - Dec 19 up move

    330.00 horizontal support

    328.00 horizontal support

    323.00 intraday support

    325.13 50 day MA

    314.36 lower daily Bollinger band
 
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