Gold – Weekly Technical Analysis (11.08.2014-15.08.2014)
Gold is trading above its 50-day Moving Average, currently lying at $1299.07, and above its 200-day Moving Average at $1285, which is a bullish sign. In the coming sessions we expect more gains for gold.
The precious metal will first target $1330 and then $1344.50 on its way up. A successful break through the mentioned levels will send gold to $1360. There is a possibility that gold’s advance will be stopped somewhere in the proximity of that latter level. What adds to the significance of that area is the diagonal resistance line which connects the precious metal’s tops from 28 August 2014 (see chart).
