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Will Gold Continue to Rally in 2014?

February 26, 2014 30 sec read

Gold (26.02.2014) traded upside in 2014 & broken many minor resistance, heading towards some major resistance now.

Now gold is trading around $1343 & as we can see on charts, gold was able to provide a day close above 61.8% feb correction level of last long descending move from $1433 to $1182. At the same time we are unable witness any hurdle before $1361 which was Oct 2013 high. Our only concern will be the over bought signals on momentum indicator which may delay the upside move or lead to a correction earlier.

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On fundamental side , continue weak economic data from major economics indicating for shifting of fund towards bullion as safe haven buying.

Based on above studies, we will prefer to buy gold for target $1353 & $1361 in coming trading session. A day close below $1321 will delay the forecast.