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Gold Still Positive, Aiming For Resistance At 1300-1302

ByGoldTradingExperts.com
Published 07/15/2013, 04:54 AM
Updated 07/09/2023, 06:31 AM

Friday saw gold continue to climb after a dip in early afternoon trading to successfully test 1268. This morning, gold is still positive and aiming for resistance at 1300-1302. A break above this area opens up further resistance at 1312 and 1322.

Following the massive dollar sell off after the FOMC minutes were released last Wednesday, gold has moved steadily higher, although it is now approaching a band of very strong resistance.

We anticipate that this area will cap gold's recent rise, particularly if the dollar recovers as we expect it will. In addition, the ongoing strength in equities will not help gold's cause and we are still within a weak period of the year cyclically for gold.

However, gold appears to be tentatively starting to form an important bottom in the 1150-1200 area. We have an historically high open short position and have seen devastating losses since April, which means gold is incredibly oversold. The market seems primed for a powerful rally when the time is right. We do not expect this to happen just yet..

Oil continues its powerful advance, trading at $106 a barrel and aiming for $110 and $113 as the next targets. Above we are looking at an eventual return to the all time highs of $147 a barrel.

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