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12 Jun 2014
Gold could climb towards at least $1,280
FXStreet (Barcelona) - Independent Analyst Harsh Japee observes that Gold has bounced off the $1,240.00/41.00 levels last week, and is currently trading around the Fibonacci 0.382 resistances at $1,260.00/61.00.
Key quotes
“The upside potential remains up to $1,280.00 levels for now. Please note that past support turned resistance is around the same region ($1,280.00); and also the down trend line would be passing through the same region early next week.”
“Support is seen at $1,245.00, followed by $1,230.00/40, $1,210.00 and lower while resistance is seen at $1,280.00 (fibonacci 0.618), followed by $1,300.00/10, $1,330.00 and higher respectively."
“The structure indicates that Gold could push higher towards at least $1,280.00 levels from here. Only a break of $1,300.00/10.00 would confirm that bulls are here to stay.”
Key quotes
“The upside potential remains up to $1,280.00 levels for now. Please note that past support turned resistance is around the same region ($1,280.00); and also the down trend line would be passing through the same region early next week.”
“Support is seen at $1,245.00, followed by $1,230.00/40, $1,210.00 and lower while resistance is seen at $1,280.00 (fibonacci 0.618), followed by $1,300.00/10, $1,330.00 and higher respectively."
“The structure indicates that Gold could push higher towards at least $1,280.00 levels from here. Only a break of $1,300.00/10.00 would confirm that bulls are here to stay.”