Gold – Daily Forecast 24.01.2014
Gold shot higher & unexpectedly beat 1254/55. Yesterday was very important as the break above 20 month trend line resistance confirmed the bullish double bottom at 1185/80. It also confirms the completion of a slightly awkward inverse head & shoulders – all very bullish longer term. I therefore think we will resume the 15 year bull trend now & I am calling an end to the 25 month bear market. Short term however we are overbought so some profit taking down to 1258/57 & possibly 1253/52 could be seen for a buying opportunity. I doubt we go any lower but if 1246/45 is seen it may be the last chance to buy Gold before a sharp spike higher in the days to come. Today a break above 1265 is another positive & target 1271/72 then the 100 day moving average at 1276. This is the next major obstacle & we need a close above here for the next buy signal.
Daily Technical forecasts US, Europe & Asia
Equity Index, Commodities, Forex & Fixed Income
The comment in this blog is the personal opinion of the contributors and not Intertrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. Intertrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.