Gold 03 September 2012
Gold daily time frame price action confirmed newly found support at 200 day SMA. Friday trading witnessed an explosive break through the falling resistance trend line. If the current bullish sentiment prevails the next resistance on the upside is located at 1720-1725 level followed by 1792-1800. Alternatively the first support on the downside is located at 1646 which is also 200 Day SMA. This support level needs to stay intact for a bullish scenario to continue. The current Red Flags are the Indicators like MACD and Stoch which are at over- bought levels, but they can stay extended for a long time.
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