24 Jun 2014
Gold: Retest of the upper 1370 might be on the cards - TDS
FXStreet (Bali) - Shaun Osborne, Chief FX Strategist at TDS, thinks that a retest of the upper 1370 area might be on the cards in the gold market.
Key Quotes
"Gold’s recovery through June looks impressive on the longer-term charts, with the scale of the rebound implying strongly that the move down from the 1392 high seen in March is complete at 1241 and liable to reverse more. Gains through the 40-week MA (200-day equivalent) at 1288 currently have been hard to sustain over the past few weeks but gold looks in better technical shape and should be able to retest 1335 near-term."
"Trend momentum is constructive on the short, medium and longer-term studies which suggests limited scope for counter-trend corrections and solid support on dips (to the 1290/1300 area). A retest of the upper 1370 area might be on the cards."
Key Quotes
"Gold’s recovery through June looks impressive on the longer-term charts, with the scale of the rebound implying strongly that the move down from the 1392 high seen in March is complete at 1241 and liable to reverse more. Gains through the 40-week MA (200-day equivalent) at 1288 currently have been hard to sustain over the past few weeks but gold looks in better technical shape and should be able to retest 1335 near-term."
"Trend momentum is constructive on the short, medium and longer-term studies which suggests limited scope for counter-trend corrections and solid support on dips (to the 1290/1300 area). A retest of the upper 1370 area might be on the cards."