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Technical analysis - GOLD

Posted by Akhilesh Ganti on Mar 24, 2013 7:50:00 PM

GOLD TECHS: (MNI & WWM)

RES 4: $1665.7 - 200 day moving average
RES 3: $1659.3 - 100 week moving average
RES 2: $1627.2 - Low Jan 4 now resistance
RES 1: $1619.5- 21 day upper Bollinger band

PRICE: 1604.15 @2352GMT

SUP 1: $1600.7 - Low Mar 19
SUP 2: $1592.7 - 21 day moving average
SUP 3: $1577.7 - Low Mar 14
SUP 4: $1548.7 - Low June 28

COMMENTARY: Gold dipped to close the week off its highs but with the 21 day upper Bollinger band still heading higher we will look for a close back below the initial support at $1600.7 to see immediate focus return to retests of the $1577.7 Mar 14 low. Topside while initial support remains in play we continue to target the key $1627.2 resistance level.

{chart:Bloomberg}

Goldtechs 032513
 

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