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Technical Analysis
Gold Technical View on Chart
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5 December, 2013, 3:09 PM
Technically, February gold futures prices closed nearer the session high after hitting another five-month low early on Wednesday. Prices also scored a bullish “outside day” up on the daily bar chart. Gold prices are still in a five-week-old downtrend on the daily bar chart. The gold market bears still have the overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,258.20. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,200.00. First resistance is seen at Wednesday’s high of $1,251.50 and then at $1,258.20. First support is seen at $1,236.50 and then at $1,225.00.
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