Gold to keep on rallying towards next resistances at 1276-1280 - Natixis

In view of the Micaella Feldstein, Research Analyst at Natixis, an upside channel is still intact on the daily chart of gold and the weekly indicators keep on picking up.

Key Quotes

“Besides, the important 1244-1250 area (50% Fibonacci retracement of the 1377-1123 bearish wave) has been cleared.”

“Against this backdrop, we expect Gold to keep on rallying towards next resistances at 1276-1280 (rising trendline) ahead of 1290 (Fibonacci extension) and the 1302 barrier (weekly Bollinger upper band). The clearance of the latter would underpin bullish momentum, flagging 1330-1339 and 1362-1367 (monthly parabolic) as targets. The supports stand at 1244-1250, at 1222-1226, at 1202-1209 and at 1184.”