Friday, September 20, 2013

Lines on Charts: Gold Buyers Not Very Enthusiastic

1358.00 last after trading down to $1352.10.
From  Action  Forex:
...Technical perspective:
In the short term, the most interesting thing about gold is how it reacts to the SMA support zone. Below $1,345-48 opens the way to $1,300 – the lows before the decision by the Federal Reserve not to taper asset purchases. But we may need to see the dollar recovery gather pace before we can expect to see the gold price drop through this level, so watch what the dollar index does. If it can get above 80.50 then it may extend its up move back to 81.10 – the base of the weekly Ichimoku cloud.

On the upside, key short term resistance levels in the gold price include: $1,375 – 21-day moving average, above here opens the way to $1,433 – the high from 28th August....MORE