Greetings and good morning to all,
The graph shows the price of gold has remained at around 6.30am levels USD1413/oz at May 31, 2013.
This morning hours of 6.30am Malaysian time May 31, 2013 date is the last day of trading gold for the week dated 27 to May 31, 2013.
As friends know, this week Pendita Emas choice to target gold price stood at USD1400/aun. Thank God USD1400/aun price realized on 30 May 2013. Hopefully this weekend the price can be maintained.
USD1400/aun gold price target graph made on May 26, 2013 by Pendita Emas
So how do we want to observe that the price of gold remains at levels exceeding USD1400/oz today?
First of all let us do the reading and revision of the current gold price graph technically.
a. Take 1H graph and monitor the movement of the gold price using the Parabolic SAR. Here we see if canlestick bounce or back away from the parabolic SAR means the current gold price will keep prices at high levels.
Chart: The graph shows the hope that will happen in the next 4 hours from now
But if candlestisk continue to close the parabolic SAR will happen just the opposite. Pendita Emas hope however believe in the next 4 hours we expect the emergence of a bullish candlestick remained afloat until the end of the gold trading session this week.
b. Take the 4H chart, after we observe the price of gold is still in a positive position because most bullish candlestick dominate movements in the gold price today.
Chart: Bullish Candlestick dominated until now.
Technically this movement was supported by a far between bullish candlestick with Parabolic SAR. If the position of the 4H candlesticks continuous movement means that the price of gold will pass USD1416 will be realized. Target closing gold price today USD1421/aun.
c. We also study the 1D chart, gold price changes have made reveseal patterns from bearish to bullish.
This means that the rise in gold prices is not only happening on this week but next week. This confirms that the price will remain at USD1400 is a certainty.
d. By 3 days charts price curve, Pendita Emas yellow line outlines that the price will remain at the top.
e. Supporting technical data reading other for reference.
we monitor the progress of both fundamental happened yesterday or in the future.
a. Based on the economic data on May 30, 2013, Jobless data increased significantly. This saw the unemployment rate in the USA still remains occur.
As the unemployment data to be holding USD to implement QE3, it means weakness will ensure jobs data USA weak, gold prices remained increased even slightly.
b. Based on economic activity Friday, May 31, 2013, Pendita Emas believe most of the activities have a positive impact on the price of gold including USA data consists of Core PCE Price Index (MoM), Chicago PMI, and Michigan Inflation Expectations.
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