9 Aug 2013
Gold pullbacks towards 1,296/1,269 are buying opportunities - 2ndSkies
FXstreet.com (Chicago) – Gold managed to regain its allure by closing back above the round number $1,300,00, ending a series of corrective moves off $1340,00 initiated last July 24.
Trader and technical analyst Chris Capre, Founder of 2ndSkies, dissected gold’s price action throughout the past month, confirming a complex bottom formation before compulsive reversal, the price behaved within set support and resistance zones. At 1313.10, a potential significant price boost might be on its way targeting 1339 and 1418 resistances.
From Capre: "It is possible Gold could form another LL (lower low), but at this point, any pullbacks towards 1296-1269 (as suggested before) are buying opportunities. Those not already long can look for intraday pullbacks into 1300-1306, or deeper pullbacks towards 1289-93 to get long. Upside targets remain 1339 and a much higher upside target of 1418."
Trader and technical analyst Chris Capre, Founder of 2ndSkies, dissected gold’s price action throughout the past month, confirming a complex bottom formation before compulsive reversal, the price behaved within set support and resistance zones. At 1313.10, a potential significant price boost might be on its way targeting 1339 and 1418 resistances.
From Capre: "It is possible Gold could form another LL (lower low), but at this point, any pullbacks towards 1296-1269 (as suggested before) are buying opportunities. Those not already long can look for intraday pullbacks into 1300-1306, or deeper pullbacks towards 1289-93 to get long. Upside targets remain 1339 and a much higher upside target of 1418."