Gold Update 16th June 2014

 

Gold continued moving higher, breaking above the 200-period moving average and above the 1280 barrier, which coincides with the 61.8% retracement level of the 22nd May – 3rd June decline. In my view, such a break could have larger bullish implications and could pave the way towards the resistance zone of 1305 (R2). The MACD remains above both its trigger and zero lines, while the RSI remains above its blue support line and does not seem willing to exit overbought conditions, at least for now. As long as the precious metal is forming higher highs and higher lows above the short-term blue uptrend line, We consider the short-term outlook to be positive.

  • Support: 1268 (S1), 1257 (S2), 1240 (S3).
  • Resistance: 1280 (R1), 1305 (R2), 1315 (R3).

gold update

As well as trading in the direction of Gold, the opportunity to purchase Physical Gold could not be easier right now.  Physical Gold provides great Wealth protection, is somewhat is inflation proof and offers better growth than any savings scheme.  Thank you for taking the time to read this gold update. To find out more follow this LINK

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