Gold – watch for a rebound from hourly 50-MA
Resistance - $1352, $1358, $1378
Support - $13335, $1328, $1303
Support - $13335, $1328, $1303
- Despite Gold’s retreat from Monday’s high of $1358 to a low of $1338 today, the overall outlook stays bullish, given the bullish break from the expanding channel seen on Friday.
- Hence, a rebound from the hourly 50-MA level (now seen at $1341) would open doors for a re-test of $1358. A day end closing above the same could yield $1378.
- On the lower side, only a break below $1328 (channel support) could yield a test of post Brexit low of $1305.38 levels.
