Tuesday, May 15, 2012

Is gold worth buying?

Gold is reaching major support area around 1530. The support is from 26 of September low and 29 of December low. On a shorter time frame (H4 charts), there is a bullish divergence of the MACD indicator. The divergence is signal to a turning point in the price of gold. A buy order can be placed above 1560 with SL below daily low at 1547.90. The first target will be 1575 level and final target for a bullish move will be the resistance area around 1625. If this trade fails, look to buy again around that level when the right setup is created.

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