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Gold Failed To Break $1354 Resistance

ByGoldTradingExperts.com
Published 03/12/2014, 07:35 AM
Updated 07/09/2023, 06:31 AM
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Gold failed to break resistance at $1354 yesterday afternoon, however overnight gold has found some buying out of Asia that took the price back to the top of the uptrend channel at $1363.

The pattern of higher highs and higher lows therefore remains intact, although the large bearish RSI divergence signals that there is a potentially large correction imminent.

Silver remains relatively weak compared to gold, which is a concern for bulls of both metals as silver usually leading gold higher in a bull market. The dollar remains under 80, supporting gold whilst equities remain off their all time highs with a potential top forming.

Support can be found at $1354, $1350, $1340, $1330-$1332, $1322, $1312-$1315, $1307, $1295-$1300, $1280, $1275, $1250-$1255, $1237-$1240, $1220-$1225, $1210, $1200 and $1180. A break of $1180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 in the short term, though this is looking increasingly unlikely.

Resistance can be found at $1360-$1363, $1377-$1380, $1395-$1400, $1420 and $1435. The breakout above $1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.

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