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GOLD TECHS
GOLD TECHS: Rally Needs Impetus Of Break Above Fibo Resistance At $1329.1
*RES 4: $1367.3 Aug 1 high
*RES 3: $1357.7 Sep 4 high
*RES 2: $1334.8 Sep 13 high
*RES 1: $1329.1 76.4% Fibo of $1357.7-$1236.6
*PRICE: $1319.5 @1047GMT
*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.