Further gains for gold coming up? Medium term picture ‘very constructive’.

Technical Analysis

Deutsche Bank on gold, a technical view 

DB headline the piece with: Big weekly rejection
of the downside suggests further gains in store. 

Main points:

  • stabilising nicely above the 38.2% Fibonacci support of the May-Sep rally last week
  • the long lower shadow on last week’s candle suggesting bulls were clearly in control over the latter part of the week
  • short term charts do look a touch stretched so expect we start the week with the required consolidation
  • looking for gains towards last week’s highs at 1518.50 before an attempt at 1535.60 the Sep 24 high later in the week
  • from the weekly chart the medium term picture remains very constructive
  •  ultimate gains towards 1700

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