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14 Feb 2014
Flash: Gold risks to upside - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group notes that Gold (XAU) risk remains clearly on the upside, immediate target is at 1325.
Key Quotes
“The clear break above the 1278 resistance earlier this week is accompanied by strong upward momentum and the current rally is expected to extend higher in the coming weeks. A move above the immediate target at 1325 will shift the focus to the strong and critical mid-term resistance at 1361.”
“Those with longer term view are eyeing the weekly double bottom neck-line at 1433. In the meantime, the risk remains clearly on the upside and only a move below 1273 will suggest a pullback towards the strong support at 1257.”
Key Quotes
“The clear break above the 1278 resistance earlier this week is accompanied by strong upward momentum and the current rally is expected to extend higher in the coming weeks. A move above the immediate target at 1325 will shift the focus to the strong and critical mid-term resistance at 1361.”
“Those with longer term view are eyeing the weekly double bottom neck-line at 1433. In the meantime, the risk remains clearly on the upside and only a move below 1273 will suggest a pullback towards the strong support at 1257.”