Bullion Weekly Technicals 18 February 2014 |
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The gold price appears to be stalling at the 1333 level very near term. We note the TD perfected set up on the daily chart and this alerts to a small retracement back towards the1268.28/1279.13 band which consists of the December and January highs. This is reinforced by the 2 month uptrend at 1266.
We favour recovery from 1279/68 and rallies will encounter the July peak at 1349.31 and the mid-September and October highs at 1362.23/1375.3. Beyond here lies the 78.6% Fibonacci retracement and August 19 high at 1380.59/1385.00.
While underpinned by 1266, our short term outlook will remain bullish even if longer term we still expect the 1225.00/1211.57 early December lows to be revisited at some stage later this year.
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