Bullion Weekly Technicals – 17 March 2014 |
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The gold price has reached our upside targets which were the 78.6% Fibonacci retracement and August 19 high at 1380.59/1385.00. From here a minor slip back to the 1362.23 October peak and the breached resistance line at 1348.00 could be seen before further upside pressure is being felt.
Please be aware, that we believe that this year’s advance in the gold price will most likely come to an end between the minor psychological 1400.00 level, the August peak at 1434.05 and the 38.2% Fibonacci cluster at 1447.53 and 1463.28. From there another medium term down leg is likely to be formed (please see the weekly chart on the next page).
Short term upside pressure will be maintained while the precious metal remains above the 1327.60 March 10 low on a daily chart closing basis. Unexpected failure there would put the 200 day moving average at 1299.71 back on the map.
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