High demand for gold in China 2013-12-09

China is one of the world's largest producers of the yellow metal, but not a single bar leaves the country. It mainly relies on imports. October was China's second highest month of gold, according to HK customs data. In 2011 and 2012 combined China imported more gold than in 2013. Year to date China's gross gold imports now amounted to just over 1260 tons mainly through HK. India raised import tax to control CAD which crack down the gold imports. In the last 6 months the Indian govt apply 80: 20 rule. This rule orders that 20% of all gold imported must be exported before further imports can be made. Today Indian equity market NIFTY will go to cross life time high. Beyond China and India robust growth in the jewellery sector was also seen in significantly across South East Asia and Turkey. When it comes to important news and events which effects the price of yellow metal, Us nonfarm payroll stood first. On Friday, US nonfarm pay rolls better than expected numbers printed on the street produce more optimism on economy. We expect US economy bottomed out and green shoots visible. Gold tumbles and rebounds from lower levels after the data printed on Friday. From last couple of trading sessions we could see a sharp rebound from lower levels around $1,215-1,211. But gold was unable to sustain on higher levels around 1,255-1,250. Currently, gold is trading at $1,228 in Asian's trading session. It is trading below the red line (21EMA, close). In the hourly charts, it gives a clear picture of expanding lower levels. TECH VIEW- DAILY CHART RESISTANCE - 1,250-1,255, ABOVE THAT 1,264,1,275. CLOSE ABOVE 1,264 COULD LEAD A BIT PULL BACK TOWARDS 1,275 1,295. SUPPORTS - 1,210, BELOW THAT 1,207, 1,195, 1,180, 1,178, 1,150. CLOSE BELOW 1,150 COULD LEAD ALL THE WAT TO STRONG SUPPORT ZONES AT 1,070-1,040 Intra view (hourly chart) - Support 1,217, 1,210 Resistance 1,227, 1,232, 1,236, 1,238, 1,245, 1,255.

Gold remains locked in a range. 1,258/60 is resistance 2013-12-09

Technical outlook and chart setups: The metal has been locked in a trading range between 1,210 and 1,250 for the last several trading sessions. It is recommended to remain flat for now until a breakout is confirmed. The immediate resistance is 1,258/60 levels, followed by 1,300.00 and higher up, while 1,210 is immediate support, followed by 1,180.00 and lower levels respectively. Looking into the bearish structure, it seems that the metal could break lower towards possibly 1,150/30 levels, before developing a reversal case. Please note that the 2008 highs/resistance was around 1,030/40 area, which would be acting as a support level now. One should refrain from buying the yellow metal for now. Trading recommendations: Remain fat for now. Good luck!

Gold analysis for December 9, 2013

Gold prices remain below the 1,245-58 resistance area. We prefer to remain neutral as there is no clear trend in the short term and prices are somewhat oversold in the daily level. Although the longer term trend remains down, we believe that there is increased probability of an upward bounce towards 1,300.

Our elliottwave count expects the final 5th wave to unfold. The wave structure from 1,360 is almost complete. We need one more new low to complete the pattern. Howeber there is also a chance that the 5th wave is a failure and doesn't make a new low. Time will tell, but since prices are consolidating in a triangle, I expect the new low to come soon. The triangle consolidation is a correctie pattern that usually comes before the final move.

The daily chart confirms that trend remains down as prices continue to trade within the downward sloping channel. As long as prices stay below 1,258, we should expect a new low towards 1,200-1,180 to complete the downward move from 1,360. So bears could use 1,258 as stop and bulls the same level as a bullish signal.

Gold Setting Up For A Rally. Buy On Dips 2012-10-26

Technical Outlook and Chart Setups:
Believe it or not, gold maybe setting up for an aggressive rally taking out resistances lined up higher. The bottom line is 1,690.00 and it should be held. Looking into the chart story for the last 24 hours; the yellow metal raced through 1,715.00 level during the present retracing. The lows are being held well till now and a positive/constructive reaction is expected. Immediate bullish target for gold is 1,730.00 level by today or Monday. It is further emphasized that 1,690/95 levels should be held for this count to be true. Bullish for now.
Trading Recommendations:
Hold long positions taken earlier. Stop at 1,680.00. Target open.
Good Luck!

GOLD Intraday Technical Analysis 2012-05-16

Gold is currently testing the intermediate support of its medium term bearish channel at 1,530 and is expected to rebound. However, a break through this level will trigger a decline to the lower limit – 1,512.
Technical indicators do not provide clear signals but evolving in oversell zone supporting the assumption of a pull back. Bollinger bands are much discarded due to strong recent increase. The situation is expected to stabilize in the nearest future.
According to previous events the market will provide a bullish opportunity at the level of 1,530 with 1,545 and 1,550 seen as first objectives. A break through 1,527 will alter this scenario.

GOLD Intraday Technical Analysis 2012-04-20

 Gold is currently testing the intermediate support of its medium term bearish channel in 1632 and is expected to rebound. However, a breakdown of these levels will result in decline towards its lower limit 1595.
Technical indicators do not provide clear signals but as long as the support level remains unbroken, the rebound is likely to take place. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market indicates a bullish opportunity at levels of 1632 with 1642 and 1645 seen as first targets. A breakdown in 1629 will reverse this scenario.

GOLD Intraday Technical Analysis 2012-04-09

 Gold is presenlty testing the intermediate resistance of its medium term bullish channel in 1647 pointing at possible decline. However, in case these levels are passed through, the upper limit of the channel in the point 1672 will be reached.
Technical indicators do not provide clear signals but as the resistance remains unbroken, the assumption of a decline is true. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
Considering previous situation, the market indicates a bullish opportunity as soon as the gold will has broken its resistance in 1647 with 1st objectives seen at 1660 and 1665 levels. A breakdown  in 1644 will reverse this scenario.