Technical Analysis – Gold bullish above 1300
Posted on February 24, 2014 at 8:56 am GMTBullish sentiment on gold has returned after prices crossed back above the key 1300 level on February 14. The market remains above the 200-day moving average which is acting as an important support level around the 50% Fibonacci retracement level (1307.40) of the move from the August high (1433.51) down to the December low (1182.16). Should the current support level fail (1307.40), further support comes in at the 38.2% Fibonacci level at 1277.93 and then the 23.6% level at 1240.88. [..]