16 Jan 2015
Gold might see an upside continuation to $1330 area – MPTrader
FXStreet (Barcelona) - Mike Paulenoff of MPTrader, notes that Gold has benefitted from the SNB manoeuvre and continues to defy dollar strength, and further adds that a continuation of the upmove towards $1330 levels might be seen.
Key Quotes
“Thanks to the efforts of the Swiss Bankers, Spot Gold has climbed above its flattening 200-day EMA at $1245 this morning, and is pushing up against a 10-month resistance line, now in the vicinity of $1270, which if hurdled and sustained, should trigger upside continuation to the $1330 area.”
“At this juncture, only a sudden downside reversal and plunge beneath $1225 will compromise the constructive technical set-up.”
Key Quotes
“Thanks to the efforts of the Swiss Bankers, Spot Gold has climbed above its flattening 200-day EMA at $1245 this morning, and is pushing up against a 10-month resistance line, now in the vicinity of $1270, which if hurdled and sustained, should trigger upside continuation to the $1330 area.”
“At this juncture, only a sudden downside reversal and plunge beneath $1225 will compromise the constructive technical set-up.”