GOLD: Bullish, Targeting Further Upside
GOLD: With GOLD rallying to recapture the 1,348 level the past week, more upside is likely. This development has opened the door for more gains towards the 1,400.00 level, its psycho level followed by the 1,450.00 level, its psycho level. A cap may occur here and turn it lower. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support stands at the 1,348 level with a break targeting the 1,300.00 level and then the 1,272.12 level. A turn below here will turn attention to the 1,250.00 level and then the 1,215.00 level.. All in all, GOLD has taken out its key resistance and resumed its uptrend.
Source: http://blog.fxtechstrategy.com/2013/08/gold-bullish-targeting-further-upside.html
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