23 Jul 2013
Gold bottom likely in place, next targets at $1368, $1389 - 2ndSkies
FXstreet.com (Barcelona) - Gold enjoyed a vigorous and sustained run to the upside on Monday, first breaking through round number 1,300 followed by 1,321, April low.
According to Chris Capre, Founder at 2ndSkies: "The fact the precious metal has formed consistent HL's (higher lows) successively, holding above the 20ema + taking out key levels suggest a long term bottom is in place."
Capre recommends to be dip buyers, "buying on a pullback towards 1303, or on a sustained daily close above 1338/40, targeting 1368 and 1389" Capre said, adding that "only a break and close below 1267 changes my short and medium term bullish bias."
According to Chris Capre, Founder at 2ndSkies: "The fact the precious metal has formed consistent HL's (higher lows) successively, holding above the 20ema + taking out key levels suggest a long term bottom is in place."
Capre recommends to be dip buyers, "buying on a pullback towards 1303, or on a sustained daily close above 1338/40, targeting 1368 and 1389" Capre said, adding that "only a break and close below 1267 changes my short and medium term bullish bias."