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STO Technical - Gold eyeing break higher?
The precious metal has been in a consolidation phase for almost the last two weeks, finding support at the 38.2% retracement of the H2 2016 sell-off. The October 2016 lows around $1250 will act as likely resistance in the short term.
The long term downward trend on EUR/AUD remains in tact despite last week’s modest bounce. We are currently trading on the 23.8% retracement of the 2008-2012 sell-off, with a move lower likely to open up support at the April 2015 lows around 1.3700.
This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.
Monday, 20 Feb, 2017 / 9:13
Source : https://www.stofs.com/en/newsroom/entry/TECHNICAL/gold-eyeing-break-higher
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