FXstreet.com (Barcelona) - According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “Our near-term outlook for gold remains positive, as the price approaches a fresh annual high at 1791.10 (recorded 01 October).”
However, “longer-term range trading is persisting from mid September and remains intact for now. As hourly and 4h chart indicators hold in the positive territory, more focus is seen at the upside, with a clear break above 1791 requisite on opening another significant level at 1800 (November 2011 highs and psychological barrier).” Drvenica adds.
On the downside, strong supports lie at 1770/60 zone, 38.2% and 50% of 1736/1791 upleg, a loss of which would shift focus towards the lower range boundaries at 1750 and 1736. At the time of writing, the price of Gold is trading in the zone of USD $1788.93, up USD $16.23 on the day thus far.
However, “longer-term range trading is persisting from mid September and remains intact for now. As hourly and 4h chart indicators hold in the positive territory, more focus is seen at the upside, with a clear break above 1791 requisite on opening another significant level at 1800 (November 2011 highs and psychological barrier).” Drvenica adds.
On the downside, strong supports lie at 1770/60 zone, 38.2% and 50% of 1736/1791 upleg, a loss of which would shift focus towards the lower range boundaries at 1750 and 1736. At the time of writing, the price of Gold is trading in the zone of USD $1788.93, up USD $16.23 on the day thus far.
