Bullion Weekly Technicals 29 July 2013

Gold – Daily Chart

Pushing hard into downtrend and 55 day ma at 1333/40.

Gold is pushing hard into the 2 month downtrend and the 55 day moving average at 1333/40. While dips lower are contained by the short term uptrend at 1297 we will assume an immediate upside bias.
Above the 1340 would alleviate immediate downside pressure for a deeper retracement to 1415/ 1424.05 – the June high and the 38.2% retracement of the same move and possibly 1485/87, the highs seen at the beginning of May.
Failure here and a break below 1297 will alleviate upside pressure for another down leg towards the current July low at 1208.08 and the 1180.04 June low will soon be underway. Failure at 1180.04 will open the way up for the 1162.45/1145.25 significant support zone to be targeted. It contains the January and March 2010 highs, July 2010 low and the 61.8% Fibonacci retracement of the 2008-11 up trend.
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