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Gold Begins Breakout above Gann Angles

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Aug 20, 2010.

  1. futuretrends24

    futuretrends24 New Member

    Apr 30, 2009
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    Today’s sample of Futures Analysis from FuturesHound.com

    December Gold is currently in a strong position, having broken out above a pair of downtrending angles from the $1270.60 to $1267.50 tops. These angles are at $1228.60 to $1230.50. The move also cleared a retracement zone at $1228.00 and $1215.00. Both of these prices are now new support levels.

    December Crude Oil opened lower and took out a key Fibonacci level at 76.45, but heavy selling pressure failed to materialize. The market rallied off its low but still remains down on the day after the EIA reported an 800k drop in crude oil inventories. Analysts were looking for an increase. Prices have stabilized at the mid-session mostly on short-covering.

    Technically the close over a 50% level at 77.98 is a sign of higher markets to follow. Now that the fundamentals have changed at least in the short-run, don’t be surprised if the market begins a retracement rally back to 80.22. The key will be breaking out above and sustaining a rally over the upper level at 77.98.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

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