Bullion Weekly Technicals – 10 March 2014 |
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The gold price continues to consolidate below its current March high at 1355.11 but while the late February low at 1319.25 underpins, upside pressure will remain in place.
Even though we remain medium term bullish we still have to allow for the possibility of a small correction lower unfolding since the last few weeks’ highs have been accompanied by negative divergence on the daily RSI.
Only an unexpected drop below the February 20 low at 1307.27 and the 200 day moving average at 1300.53 on a daily chart closing basis, would make us neutralise our medium term bullish view.
As long as 1300.53 underpins, the 2012-14 resistance line at 1353.98 and the October highs at 1362.23/1375.37 will remain in focus, together with the 78.6% Fibonacci retracement and August 19 high at 1380.59/1385.00. There the gold price could struggle, though.
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