Gold soars anew - Technical Analysis - 04-02-2016
Gold prices kept rising in the intraday levels, succeeding in breaching the resistance of 1,136.02, which represents the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (from 1,191.51 to 1,046.25), with the ongoing positive pressure from the SMA50. The prices then bounced slightly lower, trying to vent off the overbought saturation apparent in relative power indicators, while traders reap profits, and gold gathers positive momentum to rise anew.
Therefore we expect more ascends for the precious metal, as long as the support of 1,136.02 holds on, targeting the resistance of 1,157.23.
Trend
Bullish