Sunday, April 27, 2008

Gold futures (GCM8) and silver (xagusd) technical update

Gold is down trending and aiming to break support at first April low (876.5$ for GCM8). The price of gold failed to penetrate the 50% Fibonacci resistance at 957.54 and selling pressure pushed the price lower.

Resistance at diagonal upper trend line, ~906.5$ , ~938$ (38.2%Fibonacci) , ~976$ (61.8% Fibonacci) , ~1003$(76.4% Fibonacci) and the high of 1038$.

Support at 876.5$ ,~860, 850$ -840$ , ~820$, 792$, ~750$.

June Comex gold futures (GCM8) 8 hours chart

Gold spot weekly chart

<br />XAUUSD weekly chart

is down trending as well and already lost 5$ from its top at 21.33$ (spot price)

Silver Spot weekly chart

Silver (XAGUSD) weekly chart


AlphaBetaFund said...

what's the practical use of your charts? Im sorry, Im an experienced trader, just don't see it making any sense. You put some MAs and fibs on the charts and than what happens? Post some live calls, maybe then it will make better sense. :) lol

troy said...

I did this and done that, check again to see new charts . See the Disclaimer at the bottom. some people do find this charts useful...

Good Luck



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