Istvan Varkonyi
Marketprog Ltd.
Weekly chart: The bounce from the support at $1280 resulted in further gains and the precious metal arrived at the $1325 resistances. The momentum of this climb is a bit lacking compared to the usual upmoves, but regardless of this further gains are expected above the resistance. If the $1300 level fails to hold then Gold might be sold off to the previous lows.
Daily chart: Following the breakthrough of the 200 day moving average Gold continued its climb all the way to the 50 day moving average which resides currently at the $1325 support. These are major resistances which will bar the precious metal from further gains until it manages to break through them with a lot of force and momentum. Until then we might see it drop back towards the 200 day moving average however.
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