Nickel went in major downtrend; gold gets support at earlier intermediate bottom

摘要

Nickel went into an intermediate uptrend when it broke past a nice basing formation above the 750 level and breaking out of the strong descending trendline. It is headed higher towards the next important resistance of 1,000 and traders must use the minor decline in the coming week to add to the long positions. The next important event dates for Nickel is on the Aug 27 and Sept 4. The first target for nickel is at 1,000 and traders must keep a watch on these event dates to look for profits in the long positions. The 1,000 level is also the 38.2 per cent retracement level of the decline since March.