Resistance levels: 1,355 + 1,375 +1,400
Support levels: 1,325 + 1,295 + 1,285
Outlook 2017-09-07 :
Gold has generated a mid-term buy signal at $ 1,296 and confirmed the signal by soaring above $ 1325. The upside potential of Gold has not yet been exhausted.
Facts:
The bulls provided enough buying power to support $1,199 and put an end to the downside trend by breaking over $ 1.300.
This bullish momentum further supported the upside trend by overcoming $1,325. After the pullback Gold likely will continue its way to recent highs.
Technical Outlook:
Looking at volatility and speed which followed the outbreak it implies that the rally is not over yet. The next relevant resistance is at $1,350 and today's trading activity shows that the bulls are ready to attack this target. If the bulls manage to pass this mark it would trigger additional buy signals and may push the price to $1,375. Though very bullish $1,400 is getting closer in accordance to the given trend acceleration.
However, if Gold falls below support levels at $ 1,325, it would initiate a correction until ~$1,300. From there the bulls might provide enough liquidity to initiate another upside move. So, if gold does not see an imminent sell-off till $1,285 with a following correction to $ 1,265, the uptrend should prevail.
Support levels: 1,325 + 1,295 + 1,285
Outlook 2017-09-07 :
Gold has generated a mid-term buy signal at $ 1,296 and confirmed the signal by soaring above $ 1325. The upside potential of Gold has not yet been exhausted.
Facts:
The bulls provided enough buying power to support $1,199 and put an end to the downside trend by breaking over $ 1.300.
This bullish momentum further supported the upside trend by overcoming $1,325. After the pullback Gold likely will continue its way to recent highs.
Technical Outlook:
Looking at volatility and speed which followed the outbreak it implies that the rally is not over yet. The next relevant resistance is at $1,350 and today's trading activity shows that the bulls are ready to attack this target. If the bulls manage to pass this mark it would trigger additional buy signals and may push the price to $1,375. Though very bullish $1,400 is getting closer in accordance to the given trend acceleration.
However, if Gold falls below support levels at $ 1,325, it would initiate a correction until ~$1,300. From there the bulls might provide enough liquidity to initiate another upside move. So, if gold does not see an imminent sell-off till $1,285 with a following correction to $ 1,265, the uptrend should prevail.
