Bouncing sharply.
• Gold bounced sharply yesterday, breaking its short-term declining trendline. Monitor the test of the resistance at 1331. Another resistance stands at 1354. An initial support can now be found at 1304 (intraday low). Another support can be found at 1290 (16/10/2013 high).
• In the longer term, we continue to view the rise from 1181 as a counter-trend move with an underlying bearish trend. Therefore we favour a minimum move towards the key support at 1181. A key resistance stands at 1434 (28/08/2013 high, see also the 200 day moving average).
GOLD ANALYSIS
• Gold bounced sharply yesterday, breaking its short-term declining trendline. Monitor the test of the resistance at 1331. Another resistance stands at 1354. An initial support can now be found at 1304 (intraday low). Another support can be found at 1290 (16/10/2013 high).
• In the longer term, we continue to view the rise from 1181 as a counter-trend move with an underlying bearish trend. Therefore we favour a minimum move towards the key support at 1181. A key resistance stands at 1434 (28/08/2013 high, see also the 200 day moving average).
GOLD ANALYSIS
See the chart below.
Last edited by Formatted on 18th October 2013, 9:55 pm; edited 2 times in total