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Spot Gold: Hit 1407

ByCarol Harmer
Published 08/27/2013, 05:20 AM
Updated 07/09/2023, 06:32 AM

Gold broke the trendline evident at 1389 and travelled higher to 1407 overnight. We are still not sure about this rally due to the overbought conditions evident on the charts but as yet we are not seeing a reversal and there is scope that the market could trade to its 76.% fib which is located at 1414 before we see some serious selling pressure.

Only a break above this region would but the seller in trouble and they would be likely to jump back and stay on the sidelines and wait for a turn in the market. As this is such a large technical resistance there is every chance that it will hold on the first attempt. This would give sellers a good chance to take us lower back to the 1396/95 support. Now if we lose this support we are looking at another trip to the trendline at 1389 but this is likely to hold.

If we do break the 1415/17 barrier we see 1420/25 as a viable target.

Spot Gold

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