Will Gold Break the Key Level This Week?

July 20, 2009 - PRLog -- The Gold market has been fluctuating over the last 14 months but are we about to see an upturn? Trading gold could prove very profitable in the coming week as long as you know which signals to look for.

Since 2001 the gold market has been moving steadily upwards with those wild swings coming over the last two years. This is clearly seen on the weekly trading charts in use with real-time prices. When you are trading or looking at gold (XAUUSDO) you need real-time prices particularly as mere perception can change a market quickly.

Gold traders are zooming in and studying the recent movements on their daily chart in more detail and they are putting technical analysis tools like the Trade Triangles, Trend Lines, MACD and Fibonacci tools to work. These are must have tools for trading stocks, options, futures and forex online.

The current trend line is showing that the resistance level is currently at 980 while the MACD is just about turning the corner turning upwards. These are encouraging signals

The famous Fibonacci tool measures the trading range from the lows to the highs and this currently shows a retracement of 61.8. What this translates to is that the support level is at 910 but the key level to watch this week is 946.40.

Traders of any commodity around the globe should avail themselves of this type of technical analysis if they want to break out of losing trades and put themselves in profit.

So look out this week. If gold breaks this key level of 946.40, the advice is to go long, in other words, buy gold.  



Read more…at Currency Market Updates   http://currencymarketupdates.com

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