Gold 28.8.2013 Support: 1420.00, 1412.00, 1406.00, Resistance: 1430.00, 1440.00, 1450.00, 1460.00, 1475.00 Gold extends the bullish move, testing levels around 1420.00-key resistance, and the ceiling of the rising channel shown on the daily chart above, meanwhile RSI is back in overbought area over daily basis. Therefore, the conditions are well suited for a downside correction; however, due to the strong short term bullish trend, we will remain on the sidelines looking for signs of reversal on the lower time intervals. Stability above 1425.00 may delay the possible correction and extend the rally. Recommendation Neutral
Posted on: Wed, 28 Aug 2013 06:43:14 +0000
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