Gold 31.10.2012 outlook

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Daily Chart

After the Gold prices peak at 5th October 2012, we had a steady decline of gold prices. The pass 5 trading days however has shown smaller candles which signify the bearishness of the gold has somewhat exhausted. This does not signify anything as Gold has not reached the support at 1671.32.

4 Hour

Prices have managed to find support in the 4 hour chart at 1700.79. At the end of the first decline, we see a spinning top which signify market is exhausted and later the same support area showed a morning star and ever since then the 1700.79 support area has been defended.

1 Hour

Prices are currently trading in the 1701.41 – 1714.86 box. Recent prices shows that trading is done nearer to the 1714.86. I would buy the gold if there is a significant close above 1714.86. Target is 1725.52. A significant close below 1701.41 would see the support of 1694.64 tested.