GOLD, bulls strike back

mario-urlic-forex-gold-06-09

In my previous two analysis I have pointed at the 1300/05 as strong support and posible turnover point and as the sellers have failed to reach daily MA100 on September 01., the bulls have take over the precious metal. In the last two days, the resistance level on 1328/32, in wich I have pointed in my previous analysis, hold the pair, but not today. ISM data for August shows the lowest numbers since Januar 2010 (51.4 VS 55.0 expected) and the bulls have take that advantage and reached he next strong resistance at 1340/45. Is this strong enough to hold now? Possible, despite the US dollar is very weak in the market after the data.

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2 comments

  • hey “SNIPER”….
    how are you …. today i got long above 1328 as it broke the trendline of last drop + above 100 and 200 sma on 1hr chart… got out at 12$ gain….. and now surely will watch 1340-45$ as you mentioned……
    thanks…….

    Liked by 1 person

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