Gold future aims up to 1487
- A firm Tuesday advance to probe above strong resistance at the 1419/23 retrace/ chart/ pivot area from the re-energized bull tone since last Thursday’s close above the 100-DMA.
- We had looked for this area to try to cap this week, but sustained activity above here is opening up bullish risk to the May failure peak at 1487.
- This should then prove an extremely robust resistance factor, but a violation here, would set up a challenge to the key 1526 breakdown/ topping trigger.
- The 8-day RSI is at its most OB position for 11 months.
- Below 1396/90 eases bull risks, only through 1354/51 to a neutral tone.
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