29th Aug - Gold Recovery Reaches 38.2% Level
29 August 2013
WEEKLY CHART – CONTINUATION:
Downside focus was on the 1151.10 61.8% retracement level, but a rebound is in progress ahead of this.
On this chart look for possible resistance around prior 1530/1525 lows.
DAILY CHART – Dec-13:
The first positive, but inconclusive, signal came from the earlier breach of channel top resistance, which was followed by an attack on the rising/falling return lines.
These have also been overcome leading to a test of the 1422.00 38.2% retracement. Reaction here is crucial, with a break higher confirming a bullish picture. Higher targets would then be included in the Commodity Specialist Guide.
At this stage bulls need the 1271.80 07-Aug low to hold.
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23rd August - The Bund is poised for further falls