Gold technical chart | 16-Sep-2011

We’ve have witnessed a correction in Gold prices recently. Let’s analyze its technical chart with Doda-Donchian and Doda-Bbands indicators.

Although, I always prefer to trade in H4 time frame. But this is on M30 time frame chart on Gold. Here again, one false signal of Doda-Donchian was opposed by Doda-Bbands and downtrend continues with a profit of 510 pips.

The immediate support levels of Gold are 1722.90 and resistance @1764. Watch these levels carefully.