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15 Mar 2014
Gold finishing up at highs for the week
FXStreet (Guatemala) - Gold is finishing up through $1,380 and strategists at TD Securities noted the rally extended further this week and the rally is starting to put some important resistance levels under a little more pressure.
“Pullback resistance off the May 2012 low/August 2013 high at 1393.30 may be tested next week and, just above there, the August 2013 high (and potential double bottom trigger) at 1433 looms very large. So far since gold stabilized last year, the market has failed to make a new, major cycle high sop gains through the low 1400 area would be technically significant. Trend momentum favours more gains, suggesting that the 1400 area is likely to be tested sooner rather than later. Key support now is 1320; the rally will unravel very quickly below there”.
“Pullback resistance off the May 2012 low/August 2013 high at 1393.30 may be tested next week and, just above there, the August 2013 high (and potential double bottom trigger) at 1433 looms very large. So far since gold stabilized last year, the market has failed to make a new, major cycle high sop gains through the low 1400 area would be technically significant. Trend momentum favours more gains, suggesting that the 1400 area is likely to be tested sooner rather than later. Key support now is 1320; the rally will unravel very quickly below there”.