Yesterday we mentioned that it was about time to see an upward move in Gold as prices had reached important support levels for both short and intermediate term. Yesterday we noted the importance of the blue short-term downward sloping trendline that if broken, it would produce a buy signal with the 1,300 first target. The downward sloping trend line was broken yesterday at 1,277.50 and we got a buy signal and a pullback to confirm support at 1,270.
The neckline support was not broken yesterday as it proved to be important support. Now prices are heading towards the 1,295-1,300 resistance. If that level is broken, then we could see prices rise up to 1,330 which is the next resistance. If that level is broken too, then we could anticipate a move towawrds 1,400. The short-term support is found at yesterday’s intermediate low at 1,270 and at the recent low at 1,260.
The daily chart confirms the support at 1,260-50 we were talking about and the increased chances of an upward reversal. Prices are bouncing upwards and this could be an important low if support holding. We remain in the short term bullish and we want prices to break above 1,300 and then above 1,330 in order to reach 1,400.
The material has been provided by InstaForex Company – www.instaforex.com
Yesterday we mentioned that it was about time to see an upward move in Gold as prices had reached important support levels for both short and intermediate term. Yesterday we noted the importance of the blue short-term downward sloping trendline that if broken, it would produce a buy signal with the 1,300 first target. The downward sloping trend line was broken yesterday at 1,277.50 and we got a buy signal and a pullback to confirm support at 1,270.
The neckline support was not broken yesterday as it proved to be important support. Now prices are heading towards the 1,295-1,300 resistance. If that level is broken, then we could see prices rise up to 1,330 which is the next resistance. If that level is broken too, then we could anticipate a move towawrds 1,400. The short-term support is found at yesterday’s intermediate low at 1,270 and at the recent low at 1,260.
The daily chart confirms the support at 1,260-50 we were talking about and the increased chances of an upward reversal. Prices are bouncing upwards and this could be an important low if support holding. We remain in the short term bullish and we want prices to break above 1,300 and then above 1,330 in order to reach 1,400.
The material has been provided by InstaForex Company – www.instaforex.com
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