Gold rose as high as $1411 an ounce early today, which is largely owned to the EUR’s gains vs. the USD. In the past week, Gold has made a significant upward correction, which can be directly correlated with the bullish trend of the EUR/USD cross. This recent activity has raised the stakes for traders. From here on, the forex and commodity markets will see very high volatility indeed.
Pivot: 1395.00
Our Preference: LONG positions above 1395 with targets @ 1408 & 1417.
Alternative scenario: The downside breakout of 1395 will open the way to 1387 & 1382.
Comment: as long as the price remains within its key upside channel, a further up move is expected to re-test 1417 after a pause.
Trend: ST Ltd upside; MT Bullish
Key levels Comment
1424* Fib projection
1417** Intraday resistance
1408** Intraday resistance
1404 Last
1395** Intraday pivot point
1387** Intraday support
1382** Intraday support
