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03.03.2014 01:14 PM
Gold analysis for March 3, 2014

Gold price has broken above the short-term resistance at $1,335 and is now making a higher high above $1,340. We expect this upward move to continue towards $1,360 where the next important resistance level is.

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For this uptrend to remain valid, Gold price must remain above the upward sloping blue trend line that coincides with the Ichimoku cloud support at $1,320. Short-term support is found at $1,335 where the breakout started. A pullback towards $1,335 is very possible but it looks like Gold price is heading higher above $1,350.

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The daily chart shows how important this area for Gold bulls is. Strong resistance in the area of $1,340-60 where the blue downward sloping trend line is found. The longer-term target for Gold price is now above $1,400. The price target that can be reached is $1,500. We are bullish on Gold as long as it trades above $1,320.

Ringkasan
Urgensi
Analitik
Alexandros Yfantis
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