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Gold trading positively at $1662.26

By FXstreet.com,  January 09, 2013, 07:00:00 AM EDT

FXstreet.com (Barcelona) - According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The price of gold maintained a positive near-term tone off of 1642 (07 January low), with a strong resistance zone at 1660/68 (200-day MA / 4h Ichimoku cloud base."

Moreover, "With hourly indicators in the positive territory and 4h chart indicators pointing higher, current rebound could stretch to 1680 (Fib 76.4% / bear-trendline drawn off 1752 / Fib 100% expansion), however a negative larger picture outlook does not see much prospect for stronger recovery." he notes.

"A daily close above the 200-day MA would keep near-term bulls in play, otherwise a risk of re-testing the 1642/25 supports would increase." warns Drvenica. At the time of writing, gold prices have settled at USD $1662.26, up $+0.26 Wednesday.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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