Gold Moves Upwards, Stabilizes Above MAs
ICN.com | Sep 17, 2015 05:26AM ET
Gold succeeded in moving upwards, stabilizing above moving averages 20 and 50 and above 23.6% Fibonacci as well.
Until now, gold doesn’t touch 38.2% Fibonacci at 1125.00-1126.00 and that would bring a retest attempt to touch it. ADX shows the ability to assist bulls to inch higher, but RSI14 may trigger fluctuation.
Anyway, we hold onto our bullish scenario, but a breakout above 1126.00 is required to prove the solidity of bullish trend, targeting 1134.00. On the downside, coming below 1113.00 will negate.
- Support: 1115.00 – 1108.00 – 1100.00
- Resistance: 1125.00 – 1135.00 – 1142.00
- Direction: Bullish correction
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