Gold's rally resumes after drawing support and reaches as high as 926.6 so far today. At this point, further rise is still expected as long as 874.20 support holds. Next target will be key near term resistance at 936.3. Decisive break there will confirm the medium term bullish case and bring stronger rise to 1000 psychological resistance again. Though, failure below 936.3 and a break of 874.20 support will be the first alert that Gold has topped out and will turn short term outlook neutral first.
Powered by FXstreet.com The Forex Market
Commodities - Technical Analysis
Major Headline
Friday, January 30, 2009
Spot Gold Daily Technical Outlook
Spot Gold Daily Technical Outlook

Gold's rally resumes after drawing support and reaches as high as 926.6 so far today. At this point, further rise is still expected as long as 874.20 support holds. Next target will be key near term resistance at 936.3. Decisive break there will confirm the medium term bullish case and bring stronger rise to 1000 psychological resistance again. Though, failure below 936.3 and a break of 874.20 support will be the first alert that Gold has topped out and will turn short term outlook neutral first.
Gold's rally resumes after drawing support and reaches as high as 926.6 so far today. At this point, further rise is still expected as long as 874.20 support holds. Next target will be key near term resistance at 936.3. Decisive break there will confirm the medium term bullish case and bring stronger rise to 1000 psychological resistance again. Though, failure below 936.3 and a break of 874.20 support will be the first alert that Gold has topped out and will turn short term outlook neutral first.