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#1
28th April 2008, 11:50 AM
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GOLD - a trend reversal sign ?
Is GOLD REVERSING its TREND ???
Gold is forming what is technically called a "Head and Shoulder" formation. This is a trend reversal pattern suggesting a halt in the bullish trend . The crucial level (based on the 'neckline' formation, to be watched is the Rs.11500 level on Gold M contract. A break and close below this should lead us to the vicinity of the technical target of Rs 10000/- The whole pattern will get negated now only on price rising above Rs.12350/- Surely a security worth watching - even if you don't trade in Gold !! Happy trading ! CA Rajiv D Khatlawala 
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#2
28th April 2008, 12:49 PM
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Re: GOLD - a trend reversal sign ?
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#3
28th April 2008, 04:15 PM
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Re: GOLD - a trend reversal sign ?
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#4
28th April 2008, 04:47 PM
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Re: GOLD - a trend reversal sign ?
Dear oxusmorouz - Thanks for the link - seems interesting
I presume major markets usually reverse after a H & S formation. Even the Technology stocks reversed in the year 2000 after making a H&S formation... More recently - H & S formation was very effective in reversing the rally in RPL after it touched a high of 290+... (this one i remember - but there may be other stocks too) Surely time will tell whether it works equally in Gold ( which is a 'more tradable market' than Indian stocks / Indices) CA Rajiv
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#6
28th April 2008, 08:24 PM
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Re: GOLD - a trend reversal sign ?
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#7
28th April 2008, 08:39 PM
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Re: GOLD - a trend reversal sign ?
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Volume is a major player while detecting or trading HnS pattern. Here no volume data provided ,.. neither from looks also it seems that its head n shoulder ,.. yeah but we can surely say if it breaches ur support line ( in ur words neck line) then we can see a fall atleast upto 700 to 800 points into it. So better for those who r shorting it or who wants to buy physical Gold ,.. hehe ,.. i dont have money to buy ... lol Regards,.. Darsh
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#8
2nd May 2008, 06:37 PM
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Re: GOLD - a trend reversal sign ?
Gold breaks 'neckline' and touches 11220 levels . . . kkseal / darsh ... any comments ???
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#9
2nd May 2008, 06:53 PM
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Re: GOLD - a trend reversal sign ?
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chintan
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