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Gold: The bulls are targeting 1.700

Gold has a remarkably strong session on Thursday that put the psychologically important level of 1.700 in focus. What is important to note is that the market initially pulled back significantly before reversing and closing at a fresh high for the last couple of weeks, further reinforcing the bullish bias in the market. With the 50 moving average heading up and the RSI holding above its neutrality area on the 30 min chart, the technical set up suggests further upside potential. The bulls are targeting the next resistance level at 1697. The upside penetration of that area would open the door for 1.710. In the alternative scenario, we need to see a breakout of 1.679 for the bull run to be delayed. Onto the main topics of today, a smattering of economic data comes in the form of US Consumer Sentiment due for release at 1.55 pm (UK).

Dafni Serdari
Market Analyst
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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.

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