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Technical Analysis – Gold, Daily: rebounding from the near 3 ½ low but upside maybe capped at 1268
January 21, 2014 10:13 amVideo
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Following a brush with the near 3 ½ year low of 1180 dollars an ounce in December last year, gold has turned higher. The rally in gold during the new year has taken the price of the yellow metal from around the 1200 level to about 1250. If gold turns down once more, the 1180 level will be the key one to watch in order for the downtrend to resume.
The short-term trend is up as gold is comfortably above the 21-day exponential moving average.
On a more medium-term time frame, gold is currently exactly at its 50-day simple moving average and if it manages to hold above it, it could go on to challenge the 1268 resistance point. If that level is broken, gold will face a major test trying to break the 200-day moving average currently at 1321, before trying to take out the 3 ½ – month high of 1362.
The MACD is currently bullish as the indicator is in positive territory, trending higher and is above its red signal line.
To sum up, the recent run-up in the price of gold still has to prove itself in order to say that there is something more serious than a reaction after severe selling.
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