jueves, 10 de julio de 2014
Does gold want to keep climbing?
The metal is facing a major resistance at $1,335 coinciding with previous highs and the 61.8% Fibonacci level of the last sell-off.
With the break above $1,335 we will see further gains towards higher resistance at $1,360. Even with a view to return to the previous maximums of $1,391 and important medium-term hurdle for metal.
If trading turns bearish, gold finds support at the $1,300-1,295 area. However, if price levels breach $1,275, this would potentially signal a bullish trend. Otherwise we can see a larger selloff, being near previous lows of $1,240-1,230 which is the key short-term support for gold.
Only with a direct fall below 1,230 will the metal remain vulnerable to extend the losses, finding the $1,180 key medium-and-long-term support.