Micaella Feldstein, Research Analyst at Natixis, suggests that as upside parallels are still intact on the daily chart of gold and as the daily MACD (trend indicator) remains bullish, dips towards the support at 1318 (daily parabolic) will be seen as corrective.
Key Quotes
“Gold is indeed expected to resume the upside to 1340-1342 (weekly Bollinger upper band) ahead of eyeing 1347 (declining trendline). The clearance of the latter barrier would unleash added upside potential to 1355 (daily Bollinger upper band) and to 1371 (monthly Bollinger upper band) even 1387 (quarterly Bollinger upper band).”
“The supports are located at 1328-1330, at 1318, at 1312 and at 1292- 1295.”
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