Gold held support at 1277 yesterday, making a "higher low" on the daily chart. The price has broken back above the 80 hour MA and is closing in on the next resistance level, the 200 hour MA currently at 1294.
The 50% retracement level of the 2014 rally is providing support, however the Non-Farms Payroll number released later today could see volatile trading, with an expected print of 200,000 new jobs and a further reduction in the unempoyment rate.
Equities continue to forge new all time highs, the dollar strength has seen the 80.50 level broken and oil is back above $100 a barrel again.
Support can be found at 1277-1280, 1250-1255, 1237-1240, 1220-1225, 1210, 1200 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term, though this now looks unlikely unless we break below 1250.
Resistance can be found at 1294, 1298-1300, 1307, 1318-1322, 1330-1332, 1340-1342, 1352-1354, 1392-1395, 1400,
1420 and 1435. The impulsive breakout above the down trend line on the weekly chart suggests an end to the intermediate term down trend and that a significant rally is now developing.
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Gold: Friday's Technicals
Published 04/04/2014, 06:12 AM
Updated 07/09/2023, 06:31 AM
Gold: Friday's Technicals
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