Bullion Weekly Technicals – 25 February 2014 |
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The gold price has reached the 61.8% Fibonacci retracement of the August-to-December decline at 1338.62 which caps it at present.
We have to allow for at least a small correction lower since this week’s high has been accompanied by negative divergence of the daily RSI.
While the gold price remains above the February 20 low at 1307.27 and the 200 day moving average at 1302.82 on a daily chart closing basis, we will retain our medium term bullish view even though we have neutralised our short term outlook.
As long as 1302.82 underpins, the July peak at 1349.31 and the mid-September and October highs at 1362.23/1375.37 will remain in focus, together with the 2012-14 resistance line at 1364.74 and the 78.6% Fibonacci retracement and August 19 high at 1380.59/1385.00.
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