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Gold - Upside Pressures Are Back On

Gold's bullish momentum is definitely not over despite support implied by the lower bound of the short-term channel has been broken. Hourly resistance is given at 1284 (11/03/2016 high) while closer hourly supports is located at 1211 (26/02/2016 low). Expected to see further challenge of hourly resistance at 1284.

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

Daily Technical Report

 

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