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Free AccessRally Finally Nears Fibo Resistance At...>
GOLD TECHS: Rally Finally Nears Fibo Resistance At $1329.1
*RES 4: $1357.7 Sep 4 high
*RES 3: $1334.8 Sep 13 high
*RES 2: $1329.1 76.4% Fibo of $1357.7-$1236.6
*RES 1: $1326.1 Jan 4 high
*PRICE: $1318.4 @1802GMT
*SUP 1: $1305.9 Jan 4 low
*SUP 2: $1289.2 Dec 27 high, now support
*SUP 3: $1281.4 Dec 27 low
*SUP 4: $1276.3 Dec 22 high, now support
*COMMENTARY* The move above $1267.8 triggered immediate upside interest, further
aided by the recovery through the 76.4% Fibo retrace level at $1284.5. This
makes the $1357.7-$1236.6 fall seen from last September look like a three wave
correction. We have subsequently broken through $1311.4-$1313.8 resistance. A
sustained hold above and look to $1329.1 as the next target. Meanwhile, support
from $1305.9 now protects against any corrective potential.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.