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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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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.