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19 Aug 2013
Gold remains on its bullish run – approaching ST Fibonacci target at 1,394.22
FXstreet.com (Barcelona) - Gold futures open the week on an up note – continuing their recent bull run. As they are reading overbought now, upside may be limited to the Fibonacci target of 1,394.22.
Gold and silver reaping rewards of lower DXY
Gold and silver’s recent bull runs are continuing as prices hover just above 1,380 and 23.56 respectively early Monday. The charts for each of the two metals are very short-term bullish but are each also overbought.
The metals will get some further direction from the DXY and / or US interest rates later this week as the FOMC meeting minutes will be released on Wednesday and the Jackson Hole Symposium and all that comes with that will be happening on Thursday and Friday.
Technical outlook for gold
Technicians say the next upside target for gold is the 1,394 – 1,408 range based on Fibonacci projections. The key resistance won’t come into play until 1,427, though.
Gold and silver reaping rewards of lower DXY
Gold and silver’s recent bull runs are continuing as prices hover just above 1,380 and 23.56 respectively early Monday. The charts for each of the two metals are very short-term bullish but are each also overbought.
The metals will get some further direction from the DXY and / or US interest rates later this week as the FOMC meeting minutes will be released on Wednesday and the Jackson Hole Symposium and all that comes with that will be happening on Thursday and Friday.
Technical outlook for gold
Technicians say the next upside target for gold is the 1,394 – 1,408 range based on Fibonacci projections. The key resistance won’t come into play until 1,427, though.