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


Products You May Like

Articles You May Like

Australian weekly consumer confidence falls again, to 110.9 (prior 112.3)
GBP/JPY – Buoyed by Brexit hope (video)
Orbex: Arab Gulf and Middle East Tour
US Dollar Forecast: USD/MYR Reversal as USD/PHP Tests 2013 Support
Raids and arrests cast doubt on the Holy See’s clean-up

Leave a Reply

Your email address will not be published. Required fields are marked *