Gold Technical Analysis - Nov. 01, 2012


Uploaded by AvaTradeTV on 01.11.2012

Transcript:
Okay, good morning. David Frank, the Chief Analyst at Ava FX, FX Insights. We’ll be
looking at gold today and I’ve pulled up my daily gold chart on the MetaTrader. It’s
formed an interesting candlestick pattern. The yellow metal has moved higher since we
formed a bullish engulfing candlestick pattern right here and it moved above a support level,
then at 32.8% retracement level at 1693.06, which is right here. And since then the market
has taken out the falling trend line that we see here going back towards October 5th—that's
this trend line right here, it has taken it out—and continues to inch higher.
Right now it looks like we can test the cluster level of 1732-1733, which is right in here,
to 1735.65. It’s an important area because it’s marked not only by the 23.6% retracement
level, as we can see, but a horizontal pivot as well. Close above this could start testing
higher up towards the 1800 level, which is at the top right here. We have another resistance
level, a minor one, before that at 1790.55. A break above 1800 can target 1802 up in here.
Alternatively, we now see support again at 1704.16. This is at this trend line here and
has also formed a resistance level. A break below that can test the 50% retracement level
right down in here at 1661.32, and I should mentioned above that we do have a minor support
level at the 38.2% retracement level at 1693.06. So if we break the trend line here and break
through the former resistance-now-support, we can test 1693.06, then 1661.32. And that
looks about it for today. As always, any comments and suggestions, please
leave them for me. I will answer questions as fast as I can. If you have anything you
want me to cover, please let me know. I’m going to be alternating over the next few
days between gold, oil, Forex, and equities, so let me know if you want me to cover a particular
equity that you see at your MetaTrader or AvaTrader. For example, if you want to hear
about Facebook or Google or Berkshire or Disney or Apple, let me know and I’ll cover it
as well. Have a great weekend and we’ll pick up Sunday again with another how-to video.
Okay everyone, have a great day. Bye.