10/02/2014: Keep an eye on gold testing resistance at $1278

Gold has been in a quiet ranging period for the past week or so, until today that is.

A strong move to the upside has brought a test of the key January high at $1278.01.

This is also close to the 38.2% Fibonacci retracement of the $1433 to $1184.50 sell-off, which is at $1279.69.

A breakout opens the next reaction high at $1294, with the key long term barrier of the 144 day moving average currently at $1295.54.

The bulls are trying to push this one.

Gold fib

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