17 Jun 2014
Gold seen reversing from trend line resistance around $1,278.00/80.00 levels
FXStreet (Barcelona) - According to Independent Analyst Harsh Japee, gold is seen to be reversing from trend line resistance around $1,278.00/80.00 levels (intraday highs were around $1,285.00).
Key quotes
“The Fibonacci 0.618 resistance and support turned resistance (according to price action $1.280.00 levels) are converging as well. Only a break above $1,300.00 would confirm bullish reversal. ”
“Support is seen at $1,245.00, followed by $1,230.00/40, $1,210.00 and lower while resistance is seen at $1,300.00/10, $1,330.00 and higher respectively.”
“The structure indicates that Gold could react at the resistance line seen here. Only a sustained break above $1,300.00 could prove that bulls are going to stay in control.”
“One could remain short now, risk remains at $1,300.00. ”
Key quotes
“The Fibonacci 0.618 resistance and support turned resistance (according to price action $1.280.00 levels) are converging as well. Only a break above $1,300.00 would confirm bullish reversal. ”
“Support is seen at $1,245.00, followed by $1,230.00/40, $1,210.00 and lower while resistance is seen at $1,300.00/10, $1,330.00 and higher respectively.”
“The structure indicates that Gold could react at the resistance line seen here. Only a sustained break above $1,300.00 could prove that bulls are going to stay in control.”
“One could remain short now, risk remains at $1,300.00. ”