Gold Sees For Further Extension
FinFX | Aug 19, 2013 05:16AM ET
Spot Gold remains bullish and ended week at 100DMA at 1374, after clearing previous high at 1347, with fresh overnight gains peaking at 1384. An overall positive tone keeps the upside favored and sees scope for further extension towards 1394, June 13th's high and psychological 1400 barrier, with key short-term resistance at 1423, June 6th's high, coming in near-term focus. Overbought conditions on then 4-hour chart, however, may delay bulls for corrective pullback, with solid support standing at 1357, Friday’s low / Fibonacci 38.2% of 1318/1379 upleg.
Ressistance: 1384; 1394; 1400; 1423
Support: 1372; 1357; 1350; 1343
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