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Gold: The bulls are targeting 1.597

After the Fed let the door open for further easing on Wednesday, a selling wave pushed the gold market below the 1.600 level . The precious metal went all the way down to just above 1.550 before retracing to 1.564, where it is currently hovering. The jostling for position between the bulls and bears continues as the bears can’t seem to quite find enough collective momentum to pull the markets lower. As gold prices are losing momentum and the RSI is posting a bullish divergence on the 30 min chart, we expect a recovery. Key targets for the bulls to watch sit at 1.597 and 1.619. As long as we remain above the key psychological level at 1.500, the market remains well supported and there is no need for the bulls to worry. On the economic data front, lots of figures are due for release from across the Atlantic today with the US Consumer Price Index and the US Phil Fed Survey among the most notable.

Dafni Serdari
Market Analyst
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