Bullion Weekly Technicals 14 October 2013 |
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Last week Gold briefly made a three month low at 1262.72.
While this level underpins we will retain our neutral outlook because a triple divergence with the daily RSI can be seen. This points to a possible reversal higher being made which is why we remain neutral but only while above 1262.72.
The odds of a reversal higher being made will increase only if a daily close above the late September high at 1344.55 has been made. In this case a rise to above the 1375.37 September 19 high is likely to also be seen with the 2013 resistance line at 1383.78 then being in focus.
A drop through the current October low at 1262.70 would change our view back to being bearish again and push the 1200/1100 region back to the fore.
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