Wednesday’s Technical Outlook for Gold (GLD)
Gold (NYSEarca:GLD) benefited from Buck’s softnessTuesday, with spot rallying up to 1,256.61 oz, and ending above the 1,250 mark.
The precious Yellow metal gained despite the ongoing risk appetite, it ran on USD weakness, and on Silver’s strength.
On the daily
The technical indicators recovered from their mid-lines and present strong Northward slopes within positive territory, as the price extended above a a flat 20-Day SMA, suggesting the Northside is favored. There is still not enough strength to confirm a rally.
The 4 hours shows that the price is developing above its MAs, and the technical indicators have turned South within positive territory, all of which suggests that Spot Gold needs to extend beyond last week highs at 1,262.60 to rally further.
Support marks: 1,246.10 1,237.80 1,229.05
Resistance marks:1,256.60 1,262.60 1,271.80