FOREXYARD: Forex News Blog | |
| Posted: 07 Sep 2009 04:11 AM PDT
Gold rose dramatically last week and is currently trading at $993 per ounce. Many market participants thought gold would be hit by near term profit-taking after last week’s rally, with prices climbing by more than 4% during the week to hit a peak of $999.50 on Thursday. As I will demonstrate below, the price of gold may very well be heading for a reversal. This might be a good opportunity for forex traders to enter the trend at a very early stage. • The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and Williams Percent Range. • Point 1: The RSI signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure. • Point 2: The Slow Stochastic indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future. • Point 3: The William's Percent Range also supports the downward direction. Gold Daily Chart |
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