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Gold: Doji Pattern Shows Uncertainty Amidst Ascending Triangle

By  |  Commodities  |  Nov 25, 2012 09:57AM GMT  |   Add a Comment
 
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Comex_Dec_Gold_Doji
Comex_Dec_Gold_Doji

The December Comex Gold chart shows an ascending triangle which is marked by uncertainties as indicated by the doji pattern (with opening and closing prices at a very narrow range). The first line of resistance is at $1740 per ounce while second resistance is at $1750. First support level is at $1702 and second support level is at 1675.
MCX_Gold_Ascending_Triangle
MCX_Gold_Ascending_Triangle

In Gold December futures at India's Multi Commodity Exchange (MCX), the yellow meal is exhibiting some indecisiveness as shown by the doji pattern even as market is generally moving up on account of festival demand and rise in global prices.

The upward movement in prices in recent days is not sufficient for a bullish trend to emerge and could be described as sideways.
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