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Technical Analysis
Technical & Fundamental Analysis on one of the Most traded pairs
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[QUOTE="Avinash, post: 26619, member: 14722"] [IMG]http://i40.tinypic.com/9uuhs2.png[/IMG] As on 13th March, Gold made breakout from the downtrend channel (indicated by the Gold yellow lines) which was created between 9th to 13th March. Gold after breaking the downtrend channel support has created further lows which moved from 1682$ an ounce to a low 1634$. 1682$-1634$= 48$, if 1 standard lot was traded would give a profit of 48 x 100= 4800$ and 10 standard lots traded would give a profit of 48 x 1000= 48000$. Currently Gold is moving within the red uptrend channel trying to break the upside resistance through the channel but still remains within the channel. It is very important to monitor the channel trends to rebound or breakout from the trendlines. If a trader wants to go for a higher profit opportunity, he can wait for a breakout and if it is a day trader or a scalper then bouncing from trendlines can create an opportunity for short term profits. Gold resistance and support levels R1 / 1650.00 R2 / 1663.00 R3 / 1672.00 S1 / 1639.00 S2 / 1634.00 S3 / 1625.00 [/QUOTE]
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