Richard Perry
Independent Analyst
Gold
Gold has taken another step forward and the bulls are firmly in the driving seat now. Another strong and decisive positive candle has seen gold close at its highest level since January 2013. The intraday spike high of $1688 from a couple of weeks ago is the next level to be tested, but beyond that, the way is open once more into the $1700s. Momentum is increasingly strong once more, with the RSI into the mid-60s, whilst MACD and Stochastics lines both advance encouragingly. There is certainly upside potential in this move too. The market has been ticking higher initially this morning, but as we approach the European session, the gains have been slightly pared. We see weakness as a chance to buy, with the hourly chart shows initial support band $1651/$1660.
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