Technical Analysis: Spot Gold, Next Target 1,355 oz | Live Trading …

Technical Analysis: Spot Gold, Next Target 1,355 ozThe catalyst that spured Gold from its walk came from a Portuguese Bank.The big Q: will participants take this seemingly small event and use it to drive Gold to the next target at 1355.

Gold Bulls nervously ranged the precious Yellow metal during a quiet market to see the Bullish breakout from the sideways action.

Breaking the overhead resistance at 134 intra-day Thursday, Gold closed above Key support at 1330. As long as this mark holds  the bias is for gains is to 1350 and 1355.

Those who follow the COTS positioning may have noticed that as of last week Gold Bulls were at their highest Net Long ratio om the year, on the sideways trading, as money came into the sideways price movement and shorts covered.

There is potential here for a Bullish channel / trendline, but this has to be confirmed. The Sey support is obvious enough to spot so consider buying opportunities above this mark with a retracement towards the trendline acting as an extra confluence if confirmed.

The precious Yelloe metal touched the resistance at 1331.45 represented in 61.8% Fibo correction then turned to the Southside. Stability below the referred to resistance favors a Bearish correction Friday, whereas the price failed several times earlier to breach the Key resistance, the Risk/Reward Ratios suggest a Southside move that remains valid by stabilizing below the resistance.

A break below 1314.00 will extends Bearishness, but trading above 1333.00 will have us reconsider, turn positive and target 1355.00.

Support: 1324.35, 1318.10, 1314.00, 1309.35, 1305.00

Resistance: 1331.50, 1339.75, 1348.40, 1350.00, 1356.25

Recommendation: For Friday, sell gold below 1330.00 targeting 1324.35, 1314.00, then 1309.35 and stop-loss above 1333.00.

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Technical Analysis: Spot Gold, Next Target 1,355 oz | Live Trading …

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