24 Dec 2013
Gold back to trading poorly when it should be rising
FXstreet.com (Barcelona) - Gold is back on the downside even as its headwinds from currencies and rates have turned into tailwinds.
Gold is toxic right now
Gold remains in full-on bear mode early Tuesday even as rates and the DXY are trading off a bit. Perhaps it’s end-of-year tax selling, but whatever the reason is, gold is acting terribly when it should (when rates and DXY are rising) and even when it should not (like today).
Technical outlook for gold
Technicians say that if the most bearish scenario plays out that the ultimate downside target for gold is 1,065. However, gold may very well see some buying interest at the 6/28 low of 1179.80 and the Fibonacci projection of 1172. Resistance comes in at the 12/12 close of 1224.90 and the recent pivot high at 1250.
Gold is toxic right now
Gold remains in full-on bear mode early Tuesday even as rates and the DXY are trading off a bit. Perhaps it’s end-of-year tax selling, but whatever the reason is, gold is acting terribly when it should (when rates and DXY are rising) and even when it should not (like today).
Technical outlook for gold
Technicians say that if the most bearish scenario plays out that the ultimate downside target for gold is 1,065. However, gold may very well see some buying interest at the 6/28 low of 1179.80 and the Fibonacci projection of 1172. Resistance comes in at the 12/12 close of 1224.90 and the recent pivot high at 1250.