6 Sep 2013
Technicians need gold to break 1,351.60 to validate bearish call
FXstreet.com (Barcelona) - Gold was hit once again by a higher DXY Thursday – inching closer to critical “correction support” at 1,351.60.
Gold bulls perversely praying for US / Syria tensions to escalate to save them
Gold took another step in the bearish direction Thursday by closing down $17 to $1,373. The raging US Dollar and surging US interest rates combined with buoyant risk assets to lean on gold some more leading up to Friday’s key monthly employment report in the U.S.
Technical outlook for gold
Technicians say that at this point gold below 1,421 is very bearish – to the point that downside targets are all the way down below 1,100. Shorter-term support comes in at 1,351.60, 1,328.50 and 1,314.27. A close above 1,416.40 would have the technicians reconsidering their bearishness.
Gold bulls perversely praying for US / Syria tensions to escalate to save them
Gold took another step in the bearish direction Thursday by closing down $17 to $1,373. The raging US Dollar and surging US interest rates combined with buoyant risk assets to lean on gold some more leading up to Friday’s key monthly employment report in the U.S.
Technical outlook for gold
Technicians say that at this point gold below 1,421 is very bearish – to the point that downside targets are all the way down below 1,100. Shorter-term support comes in at 1,351.60, 1,328.50 and 1,314.27. A close above 1,416.40 would have the technicians reconsidering their bearishness.