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Bullion: Gold (Spot) Trading Level Analysis for 4 July 2011, Sell below 1499

By Bhaveek Patel Leave a Comment

Gold intraday trading level analysis for 4 July 2011, we recommend to trade short in Gold below 1499 level for targets as 1492 and 1487. A protective stop loss order should be placed above the 1503 level.

Reason to trade short on Gold : Looking at the charts we see that the price action has broken below the bullish channel lower boundary and is now making the series of lower low and lower highs suggesting the strong downtrend, So we see further consolidation before any up move from here. This makes the short term trend to consolidation and we are bullish for the medium term. Short trade is supported by the technical analysis and recommends us to trade short for today. Studying technical indicators like RSI, Stochastic, and MACD suggest that the short positions are valid and are in favor of trade on daily chart. Trend is most likely to be bearish today.

Near term trend is now consolidation and medium term trend will still remain bullish.

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Category: Gold Tags: Bullion/ Gold Analysis/ Gold Trading

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. kalpeshmaniar says

    markets are giving confusing signals but the undercurrent is strong and the huge rally will be build on disbelief, buy, buy and buy is the mantra for next six months, don’t listen to jokers on blue channels.

    Reply

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