Gold Prices Target Yearly Highs Near $1390

By DailyFx | July 10, 2014 AAA

DailyFX.com - Gold Prices Target Yearly Highs Near $1390

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

GOLD A sharp break higher for gold prices has coincided with an important build in retail trader selling, and a contrarian view of crowd sentiment leaves us in favor of further gains.

Trade Implications GOLD Last week we noted that a gold price break below $1310 would confirm that the precious metal set an important top, but that obviously never happened. Instead prices have now broken above key Fibonacci resistance at $1334, and our focus turns to major resistance at year-to-date highs near $1390. Failure to hold above $1334 would negate our calls for further strength.

See next currency section: EURJPY - Euro Breakdown versus Yen Warns Against Complacency

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center