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Gold reaches $1330. What’s Next?

July 30, 2013 24 sec read

Gold (30.07.2013) traded higher as per our last report on Gold & reach to mention target area.
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Now as we can see on Gold charts , after achieving the level , gold is facing a parallel resistance around 61.8% February correction level. However the 61.8% Feb 2013 correction level has been broken many times, which may result as more upside move in coming days. We need to be confirm with a clear break above most possible triangle pattern as well as indicators may reduce the momentum here.

Based on above studies, we will prefer to wait for a correct entry point for the upcoming big move & stay neutral as of now.