Charmer Charts Gold technical anlaysis forecast

[CharmerCharts]

We have reached 1260 and we are overbought. Now as yet there is no topping pattern,
so we look to the weekly highs of 1266 and the Dec highs of 1270 to entice.
However the one negative point is the overbought conditions on the charts. Therefore we would look for a break of 1260 before adding to longs at this point. If we fail to break 1260 then we are looking at a little retracement before we go higher.
Support is at 1256/54. If we lose 1254 we should see further corrective pressure, leading to 1249/47. Buyers are expected in at this point and we should carry on higher.
Now if we break 1260, as stated we should then trade higher to resistance between 1266
and 1270 where profit taking is expected.

 

[CharmerCharts]

Gold turned lower from 1263 and has come down to 1243. |small correction seen overnight, but we do have good resistance at 1249/50 and failure to break and hold back above here keeps the pressure to the downside and sees us test 1243 again quite quickly.

If we cannot hold above this support we should be looking at the market coming lower once again for 1239 then 1234/33. This should be enough in the downside and buyers would thus be expected to come in and defend this region.

Now if we can break above 1251 look once more for another test of 1259/1260. Buyers would be advised to cover all longs to here. The weekly level on the topside is 1266 and Dec is 1270 so this is the band of resistance needed to be overcome if we are to see the long term uptrend continue.

 

[CharmerCharts]

Gold is holding support as you can see from the above chart. As long as we can maintain above 1239/37 we can trade higher back towards the recent highs.

Now at these recent highs we have a glut of resistance from 1266 to 1270 and we really have to break and hold above this resistance to make a new leg higher, resuming the uptrend. Now if this can be achieved we are looking at the market moving forward to 1352/58 which is our major measured target. Obviously this will not be in one go...but bear this medium term target in mind.

Below 1237 and the market looks a little wobbly. However the downside should be held in check then by the 1224/22 support.

 

[CharmerCharts]

Gold finally broke higher and now we have made the break we should now trade higher towards our next long term target of 1352/58. Now obviously we are not going there in a straight line...but it is now a case of buying into dips instead of selling rallies.

We have good support from 1268 fib level to 1264/64 previous highs. This band of support is expect to hold this session, and therefore it is prudent to join buyers at these lower levels.

Resistance is at 1276/1280. Cover longs to here. Re-instate longs above 1280 as this would see further strength with 1302 then being the targeted area for the next few weeks.

 

[CharmerCharts]

Gold held support at 1264 and we remain in a good position to trade higher.

Resistance is at 1276/1280. Cover longs to here. Re-instate longs above 1280 as this would see further strength with 1302 then being the targeted area for the next few weeks. We still have the overall target of 1352/58 within our sights and this major resistance should entice prices in the med term.

Once more today support is in the 1266/64 region and therefore we should still buy into dips at these lower levels keeping stops below 1259.

 

[CharmerCharts]

Gold is up again this morning...we do have resistance at 1284.5 and we do need to overcome this to keep trading higher for 1287 initially.

Once we can break the 1287 resistance there is nothing really to hold us until 1302. This resistance will offer buyers the chance to profit take and also small sellers should be evident here as well..however we still have the med term target of 1352/58 to attain overall.

For today if we fail at 1284 again there will ne a topping pattern on the daily charts and this would suggest that we can come lower for 1270/69. Buyers are expected to come back into the market here and hold unless we lose 1266.

 

[db4966]

Gold is up again this morning...we do have resistance at 1284.5 and we do need to overcome this to keep trading higher for 1287 initially.

Once we can break the 1287 resistance there is nothing really to hold us until 1302. This resistance will offer buyers the chance to profit take and also small sellers should be evident here as well..however we still have the med term target of 1352/58 to attain overall.

For today if we fail at 1284 again there will ne a topping pattern on the daily charts and this would suggest that we can come lower for 1270/69. Buyers are expected to come back into the market here and hold unless we lose 1266.

thankyou for the charts they're very useful I'm seeing res @ 1284 and supp @ 1270 also. I'm hoping for a pull back to 1266 but looking at todays dip buying its looking unlikely imo

 

[CharmerCharts]

Charmer Charts forecast:

Gold made its move yesterday and broke sharply higher. We expect now for this to continue higher but resistance short term is at 1295. You may see short term failure here, but downside looks limited to 1287/84 and buyers will once more be waiting here.

Once we can negotiate past 1295 we have the 1302 resistance to encounter. Here also may see a short term stumbling block, and pullbacks are expected. Please note that the 1352/58 long term objective is still in place, and after a small correction I still expect Gold to make its way to this objective. Now as stated support is in the 1287/84 region. Only if we lose 1284 would pressure be on the downside in the short term. We could then see 1276/73 where once more the solid faithful buyers will be waiting.

 

[CharmerCharts]

Gold reached 1297 before correcting back. We held good support at 1287 and are trading higher again today. For today there is a good chance that we will trade higher once more with 1297 to 1302 the target.

We should look to cover longs to here. It is a case of buying dips in this market looking
for Gold to strengthen. Buy into weakness with 1287/1284 excellent support. If we break above 1302 you may well find fresh buyers coming into the market as they
will be looking for our long term target of 1352/58 before the year is out.

 

[CharmerCharts]

Charmer Charts Gold forecast:

Gold stayed within parameters yesterday reaching 1297. We held good support at 1287 and are trading higher again today. For today there is a good chance that we will trade higher once more with 1297 to 1302 the target.

We should look to cover longs to here. It is a case of buying dips in this market looking for Gold to strengthen. Buy into weakness with 1287/1284 excellent support. If we break above 1302 you may well find fresh buyers coming into the market as they will be looking for our long term target of 1352/58 before the year is out.

 

[CharmerCharts]

Today's CharmerCharts.com forecast available from 7am (UK time)

Gold December Contract - Gold has virtually reached our target of 1302 and now we have a small double top on the charts and this should be enough to get buyers to take profits and sellers to come back in looking for a correction.

Now we should correct back to a minimum target of 1287/84 and buyers should be back in at these lower levels. However if we do break the 1284 support buyers will reverse as we would then be looking at further weakness down to the first med term fib level of 1266.

So we have this double top on the charts. If we break 1304 it would blow this pattern out of the water and lead us higher for 1313/1316 but our ultimate goal remains 1352/58.

 

[CharmerCharts]

Gold forecast available from 9am:

Gold December Contract
Gold again failed to break the 1302 barrier once more reaching just over the 1301 region.
We have bearish med term stochastics and this I feel should be enough to see
quite a good correction in this market. Now we should correct back to a minimum target of 1287/84 and buyers should be back in at these lower levels. However if we do break the 1284 support buyers will reverse as we would then be looking at further weakness down to the first med term fib level of 1266.
So we have this Double Top on the charts. If we break 1305 it would blow this pattern
out of the water and lead us higher for 1313/1316 but our ultimate goal remains
1352/58.

 

[CharmerCharts]

Today's Charmer Charts forecast:

Gold December Contract

Gold is holding well and posted new high on Friday of 1322. Overnight we have not been able to break above this resistance and we have reached 1321. We have made a break higher now, and we should continue to strengthen with 1324 the immediate attraction. Here we would be looking to cover all longs. You should look to go back in above 1324 as a break above here keeps the immediate pressure to the topside and trigger move towards 1231. The levels I have given you on the topside are Fibonachhi extension as we are in uncharted territory and therefore rely on tried and trusted methods to calculate upward resistance levels. Please remember still the 1352/58 measured target, and therefore what we are doing is covering to stated resistance levels and going back into the market on pullbacks. Today we have support at 1315/13 and buyers will come back into the market on dips to here.

 

[CharmerCharts]

Gold December Contract
Gold needs to break and hold above 1324 to continue the uptrend under current conditions.
Failure to break through this resistance will leave in a weaker position with declines
then likely on a corrective basis.
At 1322/24 we would be looking to cover all longs. You should look to go back in
above 1324 as a break above here keeps the immediate pressure to the topside and
trigger move towards 1331.
Please remember still the 1352/58 measured target, and therefore what we are doing is
covering to stated resistance levels and going back into the market on pullbacks.
Today we have support at 1315/13 and buyers will come back into the market on dips
to here. Only a loss of 1312 would make the market look slightly weaker and then we
should come back to the 1300/1295 support zone where buyers are waiting once more.

 

[CharmerCharts]

Charmercharts.com daily technical analysis forecast:

Gold December Contract - Gold was a little peach yesterday and once 1324 broke we were upward and skywards. Our med term target of 1352/58 and virtually been achieved and as greed is not an attractive trait all longs have been covered. So where do we go from here. 1352/58 was such a massive target and I have been on and on about it since 2009, so I am not going on about it anymore. However although I do expect lots of profit taking at current levels . Obviously there is scope for the market to exceed target area and obviously if 1360 breaks then I would reassess the longer term outlook.

From current levels I would expect quite a good pullback and we could actually pullback to the 1331 and possibly 1324 support zone before we see fresh buyers coming back into the market. Obviously a loss of 1324 leaves the downside a little bit more exposed with 1317/14 then targeted.

 

[CharmerCharts]

CharmerCharts.com daily forecasts:

Gold December Contract - bouncing back off support, however we are still currently stuck below the 1358 resistance and we must clear this before we can trade higher. Failure to do so will result in weakness coming back to the 1331/1324 support band. We woud be looking to go long on dips to these lower levels and only reversing if we lose 1323.

If we lose this support we are coming back to the 1317/1313 support band where once more you will find buyers coming back into the market. If we can clear 1360 it would take the downside pressure off and we would then be able to come higher with 1366/69 then the targeted area.

 

[CharmerCharts]

Today's CharmerCharts.com daily Gold futures forecast attached. Available daily from 7am.

 

[CharmerCharts]

Today's CharmerCharts.com Gold futures forecast attached.

 

[CharmerCharts]

Today's CharmerCharts.com Gold daily forecast (available from 6am BST) is attached.

 

[CharmerCharts]

Today's CharmerCharts.com Gold daily forecast (available from 6am BST) is attached.