GOLD 30.12.2012 - technical analysis and recommendation

Gold hit the long term uptrend line at the major support 1532.50 level. Then it bounce up forming candle with long lower shadow. We should expect some further growing now.

GOLD weekly

At the daily chart we can see that the long lower shadow candle has been recently formed. Now the strong bullish candle is rising. The closest resistance is on the 1579 level.

GOLD daily

On the 4-hours time frame gold rate has just crossed over the downtrend line. Now we should wait for the confirmation by closing above 1579 (closest resistance level). Then the rate has the open way to rise to 1625.

GOLD H4

Trade recommendation: Buy after closing above 1579 Take profit levels: Target 1: 1625 Target 2: 1665