New York gold futures closed higher due to short covering on Friday as itconsolidated some of Thursday's decline. The high-range close sets the stagefor a steady to higher opening on Tuesday. Stochastics and the RSI remainbearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, the reaction low crossing at 1168.00 isthe next downside target. First resistance is the 10-day moving averagecrossing at 1236.30. Second resistance is Wednesday's high crossing at1248.80. First support is Thursday's low crossing at 1198.20. Second supportis the reaction low crossing at 1168.00.
7-DRSI 14-DRSI 14-DMA 50-DMA 100-DMA 200-DMA37.45 % 1195.51 % 1238.71 $ 1221.50 $ 1177.48 $ 1149.25 $
Short Term: Buy, Target 1215.76$-1222.48$ Stoploss 1205.38$-1204.30$
Mid Term :Sell, Target 1206.78$-1196.96$ Stoploss 1226.42$-1227.50$Long Term:Sell, Target 1196.31$-1179.14$ Stoploss 1244.56$-1245.70$
JS Global Capital Limited
July 05, 2010
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Commodities Market: Technical Outlook
Syed Abbas Aliabbas.firstname.lastname@example.org (21) 111-574-111 Ext. 3193
S3 S2 PIVOT R1 R2 R31184.08 $ 1195.51 $ 1206.86 $ 1215.78 $ 1223.97 $ 1235.76 $S11205.31 $
Current Price1213.98$(per ounce)Sideways to,