GOLD
Gold supported by Protugal's central bank concerns moved to $1,344.70. Today, in Asia's session, the metal holds above the $1,334.60& 61.8 fib levels made a low at the $1,335.90 levels. The weekly Stochastics is indicating an overbought sign. On the weekly basis, the support levels existed at the $1,334.60 and $1,330.70 level. Until the metal holds above the $1,330 level, we can expect another up move up to the $1,360 levels.
In the daily chart, the RSI is indicating an overbought sign. Any unexpected move upwards will sustain. For the positional purpose, we recommend to sell only below $1,330 for a downside target at $1,326, $1,324 and $1,318, and $1,310 levels. We can see a strong upward move above $1,342.10 for a new target at $1,357.80 levels.
For an intraday, basis the metal is holding above 35-hr Dema of $1,335.50 breaking below it. The support levels existed at $1,333.40 (12-hr Low) $1,331 (21-Hr Sma) and $1,326 (34-hr Sma). Safe traders can sell below the $1,326 target at the $1,324, $1,323, and $1,318 levels. The hourly RSI is giving an negative sign.
Risky traders can sell below $1,331 levels.
Safe traders can sell below $1,326 levels.
Safe traders buy only above $1,342.10 levels.
Risky traders can buy above $1,340 levels.
The material has been provided by InstaForex Company - www.instaforex.com
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