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26 Feb 2014
Gold hits new 3 month high
FXStreet (Bali) - Gold has marginally broken above the US swing high at $1,343.00, recording a new 3-month high, level not seen since Oct 30, 2013.
From an hourly perspective, after finding a bottom just above the $1,300 area, gold has been on the rise building a text-book upward stepping formation of higher highs and higher lows.
The yellow metal now aims to record a 4th straight day of gains, which was preceded by a majestic 7 out of 9 positive trading days post the breakout of a the key $1,265/70 resistance.
On the upside, the next key level of resistance should be encountered at $1,360 - late Oct 2013 swing high - followed by $1,370 - Sept 18, 2013, high - ahead of larger gains towards $1,400. On the downside, since the trend continues to develop on a non-volatile fashion, pullbacks are expected to remain shallow, with $1,336/37 - Asian lows - the immediate support ahead of $1,330 - swing low in the last European session -.
From an hourly perspective, after finding a bottom just above the $1,300 area, gold has been on the rise building a text-book upward stepping formation of higher highs and higher lows.
The yellow metal now aims to record a 4th straight day of gains, which was preceded by a majestic 7 out of 9 positive trading days post the breakout of a the key $1,265/70 resistance.
On the upside, the next key level of resistance should be encountered at $1,360 - late Oct 2013 swing high - followed by $1,370 - Sept 18, 2013, high - ahead of larger gains towards $1,400. On the downside, since the trend continues to develop on a non-volatile fashion, pullbacks are expected to remain shallow, with $1,336/37 - Asian lows - the immediate support ahead of $1,330 - swing low in the last European session -.