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Gold: Risk appetite to boost the market back to the 1480 area

Gold saw a renewed interest as it made strong gains yesterday forming a double bottom on the daily chart. At 1.390 at the time of writing, the precious metal is in indecisive territory this morning and we expect to see some sideways movement before the markets continues higher. With the RSI above its neutrality area at 50% and the 50 moving average turning up on the 30 min chart, we expect gold to continue its grind higher. A break above 1426 would reinforce the bullish scenario and open the door to key resistance area at 1480. In the alternative scenario, we have to see a consistent break below 1363 for the bias to turn to the downside, but this is hard to imagine at the moment.

Dafni Serdari
Market Analyst, Spread betting & CFDs provider.
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