Spot Gold Pushes Higher; May Breach 1459 Levels

Published 04/25/2013, 03:36 AM
Updated 05/14/2017, 06:45 AM
GC
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Gold continued to push higher, surpassing all of our upside targets for yesterday, and approaching the key next resistance at 1459.00 level. RSI enters overbought territory, where we expect the bullish bias to ease, and probably price to resume downside attempts soon.

Spot Gold
Support: 1438.00, 1428.00, 1417.00, 1410.00, 1403.00
Resistance: 1440.00, 1458.00, 1470.00, 1478.00, 1495.00

Recommendation Based on the charts and explanations above, we prefer to short gold below 1458.00 targeting 1440.00, and 1428.00. Stop loss with hourly closing above 1470.00

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