As traders return to their desks after the long Easter break very little has changed with the gold picture since last week.
There is strong support formed by a combination of Fibonacci level, moving average and previous low support for gold at 1288 and again around 1275-1280, with resistance at 1300-1305 also provided by Fib levels and MA’s.
This forms a fairly narrow range through which we wouldn’t be surprised to see gold trade for the rest of this week given the scarcity of news and lower than normal trading volumes due to extended holidays.
If gold falls below 1275, we see support again around 1250-55, 1237-40, 1210, 1200 and 1180. Should 1180 give way we’re into new territory and we’d expect a big fall down towards the $1000 area.
We’re not expecting to see that though – our current view is that gold will move north from here up to around 1320-1330 and, should that resistance crumble we see price moving towards 1400 encountering more resistance at 1350, 1392-95 and 1400.
There is strong support formed by a combination of Fibonacci level, moving average and previous low support for gold at 1288 and again around 1275-1280, with resistance at 1300-1305 also provided by Fib levels and MA’s.
This forms a fairly narrow range through which we wouldn’t be surprised to see gold trade for the rest of this week given the scarcity of news and lower than normal trading volumes due to extended holidays.
If gold falls below 1275, we see support again around 1250-55, 1237-40, 1210, 1200 and 1180. Should 1180 give way we’re into new territory and we’d expect a big fall down towards the $1000 area.
We’re not expecting to see that though – our current view is that gold will move north from here up to around 1320-1330 and, should that resistance crumble we see price moving towards 1400 encountering more resistance at 1350, 1392-95 and 1400.