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Technical analysis - GOLD (MNI)

Posted by Akhilesh Ganti on Mar 18, 2013 8:24:00 PM

GOLD TECHS: Focus Now On $1627.2 Resistance

RES 4: $1666.2 - 200 day moving average
RES 3: $1659.3 - 100 week moving average
RES 2: $1627.2 - Low Jan 4 now resistance
RES 1: $1614.5 - 21 day upper Bollinger band

PRICE: 1605.0 @1900GMT

SUP 1: $1589.0 - 21 day moving average
SUP 2: $1577.7 - Low Mar 14
SUP 3: $1548.7 - Low June 28
SUP 4: $1528.4 - Monthly low May 16

COMMENTARY: Gold is working its way back towards the key $1627.2 resistance level following the move higher to start the week and we will now look for a close back below the 21-DMA to relieve the topside pressure and return focus to the recent lows. The 21 day upper Bollinger band is flattening out and comes in around the $1614.5 level with closes above rarely seen.


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