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Reuters
Market Technicals – Gold Friday,
May 16, 2008 19:07 IST |
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Still
good support and resistance from the Fibonacci retracement levels of the
April-May downturn. The short-term technical indicators have turned bullish
in terms of both the MACD and Parabolic-SAR.
The big
picture head and shoulders we have been looking at is still interesting in as
much as the price action has moved up to touch the neckline but has not
broken above in terms of the weekly close. The objective of the pattern is
$700 which is a long way off. That said, we will continue to watch it. (Parabolic
SAR (Stop and Reverse) study gives signals for going long or short. While the
study, the dots, is below the price action it indicates a long position but
as the trend slackens the study touches the price action and indicates a
switch to a short. It is supposed to be a constant position trading system.) |
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