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13 Mar 2014
Flash: Gold suggesting resumption of uptrend - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group comments that the clear break of Gold at 1361 suggests a resumption of the mid-term uptrend.
Key Quotes
“After consolidating for the past 2 weeks, the clear break above the strong resistant at 1361 suggests a resumption of the mid-term uptrend.”
“With upward momentum picking up quickly, gold is expected to move higher towards 1375 followed by 1393.”
“Short-term pullback is expected to stay above 1355 but only a break below 1344 will indicate that the bullish view is wrong.”
Key Quotes
“After consolidating for the past 2 weeks, the clear break above the strong resistant at 1361 suggests a resumption of the mid-term uptrend.”
“With upward momentum picking up quickly, gold is expected to move higher towards 1375 followed by 1393.”
“Short-term pullback is expected to stay above 1355 but only a break below 1344 will indicate that the bullish view is wrong.”