26 Nov 2013
Gold giving its best impression of an upside attempt – something not seen in a while
FXstreet.com (Barcelona) - Gold futures are up modestly thus far on Tuesday after posting an indecisive “doji” candle on Monday. Plenty of work to do before chart has a chance of becoming bullish again.
Gold seeing a little interest as the euro and Yen bouncing weighs down DXY
This may be a very short-term positive for gold, but at this point the gold longs will take what they can get. For gold to see some serious buying interest, though, a breakdown in the DXY below 80.53 support will need to occur in all likelihood.
Technical outlook for gold
Technicians say that if the bearish scenario plays out that the ultimate downside target for gold is 1,065. However, gold would likely see some buying interest at the 6/28 low of 1179.80. Resistance comes in at the 11/12 low of 1260.50 and is backed up by the 11/14 high of 1293.80.
Gold seeing a little interest as the euro and Yen bouncing weighs down DXY
This may be a very short-term positive for gold, but at this point the gold longs will take what they can get. For gold to see some serious buying interest, though, a breakdown in the DXY below 80.53 support will need to occur in all likelihood.
Technical outlook for gold
Technicians say that if the bearish scenario plays out that the ultimate downside target for gold is 1,065. However, gold would likely see some buying interest at the 6/28 low of 1179.80. Resistance comes in at the 11/12 low of 1260.50 and is backed up by the 11/14 high of 1293.80.