Richard Perry
Independent Analyst
The gold price complete its 8th consecutive higher low on Friday as the recovery continues. Having now moved through the 38.2% Fibonacci retracement of the $1391.76/$1277.29 at around $1321, the upside is now be open for a move towards the 50% Fibonacci level at $1334, whilst the next price resistance comes in at $1342.43. Daily momentum indicators are nicely pushing higher as a crossover buy signal has formed on the MACD lines. The intraday hourly chart shows the uptrend channel continues to pull the price higher as corrections back towards previous breakout highs are seen as chances to buy. The low of the channel currently comes in around $1315, whilst the hourly moving averages are all rising strongly as a combination of the 55 and 89 hour moving averages are supportive between $1315/$1320.
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