Gold – Poised to test July highs
Gold’s rebound from daily rising trend line on July 26 followed by a dip and recovery above $1356 (July 29 high) amid bullish daily MACD and bullish daily RSI suggests prices are likely to test July highs around $1375. We may extend gains to $1380 (38.2% of 2011 high – 2015 low).
On the lower side, only a daily closing below rising trend line support currently seen at $1333 (also 23.6% of May 30 low – July 11 high) would suggest bullish invalidation.
On the lower side, only a daily closing below rising trend line support currently seen at $1333 (also 23.6% of May 30 low – July 11 high) would suggest bullish invalidation.
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