PGOLD: Reversal quite dim at this stage

Weekly: This week we have a weak bearish signal from Kijun Sen cross. Tenkan Sen is pointing downwards which may cross Kijun Sen line. If that will happen then we will have another bearish signal. But that is remain to be seen as of this time. Cross your fingers that won’t happen. In the meantime, price is at the Kumo which is our immediate support. Immediate resistance is our Kijun Sen line which is at 40.

Daily: Based on Ichimoku system, PGOLD is still bearish if we look at its daily chart. But a technical bounce may happen if we will see a confirmation on the bullish reversal pattern we see on our chart. Only problem is, every one is waiting for the bounce to sell so I don’t think a spike will prosper for few days, if there is.


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A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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