Bullion Weekly Technicals 08 October 2013 |
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Instead of seeing a follow through sell-off in early October as expected the Gold price has gradually risen this past week and did so while positive divergence could be seen between the current October low at 1278.60 and the daily RSI. This points to a possible reversal higher being made which is why we have neutralised our view.
The odds of a reversal higher being made will increase once a daily close above the late September high at 1344.55 has been made. In this case a rise to above the 1375.37 September 19 high is likely to also be seen with the 2013 resistance line at 1383.78 then being in focus.
Although looking less likely at the moment, a drop through the September low at 1291.59 and the 1272.56 August low still cannot be excluded while the gold price remains below the late September high at 1344.55. Only failure at 1272.56 will confirm that gold continues to trade within its medium term downtrend. In such a scenario the 1200/1100 region will be back in the picture.
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