Gold Has New Resistance At $1,360
Admirals | Sep 30, 2013 07:02AM ET
Gold had an excellent Friday, which helped the sellers deny the short-term sell signal on this metal. Bulls managed to pull prices above the 1,330 USD/oz., which was an important S/R level in the previous week. Currently, the price is aiming for the mid-term downtrend line (green), which is supporting bears since the end of August.
Apart from the green downtrend line, the next resistance is at $1,360 USD/oz., and this area should be the first stop if the price decides to break the green bearish line. Currently, the chances are bigger for the sellers, but the situation is not as clear as it was a few weeks ago.
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