Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Gold: Bullish Breakout Ahead

Published 01/13/2014, 07:56 AM
GC
-

Gold (13.01.2014) reversed from the very potential support area of $1208-1180 and now trading between minor support and resistance area which will decide the future direction for shot term.

Now gold is trading around $1245 and as we can see on the chart, it is reaching to the minor parallel resistance area at $1254. we have witness a major bull bear fight in this $1217 - $1254 range earlier and it may be more interesting this time. However the upside move was well supported by an triangle breakout as shown in chart. At the same time RSI above 50 mark showing positivity.

On the fundamental side, last week's NFP data came in much weaker than expected. This might force FOMC to rethink before another tapering on the Jauary 29, 2014 meeting. . Gold Daily
Based on above studies, we will prefer to buy gold on a volume breakout above $1254 and we will be looking at $1270 as our 1st target and then probably for $1293. A day close below $1217 will force us to reanalyze the charts.

Original post

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.