Gold Short Term Bullish, Resistances At 1250
CommodityOnline | Feb 11, 2014 05:56AM ET
Comex Gold has been in an downtrend since the past one year forming lower tops and flat bottoms within the channel (R-S). The price has recently broken the short term resistances line (R) at $ 1250 and closed above the same, further the price gave a sharp rally and currently heading towards the previous top of $1300/1372 (Fibonacci levels).
Hence the short term trend continues to look bullish for gold and a test of Previous top at $.13000/1372 (T) level looks possible. Until price closes below trend line (S) at $ 1179, Buying on dips is advisable.
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