maccabean
Short

Is gold taking a breather or has it hit concrete resistance?

FX:XAUUSD   Gold / U.S. Dollar
396 3 7
A lot has been written lately about gold             as it pushes off once more from the support of the 1200s. The momentum has been solid, raising the price to 1344 however there are signals that this momentum has run out of puff. To confirm this, we should be closely watching the gold             chart over the next few hours and we would be looking for closing candlestick below the support line. Once it is apparent that there is a turnaround, a short position may be in order. The stop loss would be set around the resistance line in red. Whether this new direction is the real deal remains to be seen and we would have to factor in the fundamental analysis . Most analysts are saying gold             is extremely oversold but if the fed continues to trim bond purchases, it will fail to extend its gains. It may be that gold             will rise over 2014 but it won't be a smooth ride.
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Thanks for your comment. Well the Chinese new year is over, perhaps and the immediate demand for gold is over. I believe we are coming to fair value territory. It's hasn't been fair value in quite some time.
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Gold made a correction today to the 61.8fib of the last wave. In my opinion it is still very bullish and I don't expect a solid correction yet, I think it will hit the 1360 before making a correction for the move since Dec.
However, If price turns south below the 1307, I will expect further down side as it will drop below the 23.6 fib of the past 3 month move.
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