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Gold Future Bull Theme Intact for 1298/1303 Target Area

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Gold Future Bull Theme Intact for 1298/1303 Target Area

February 2015 Contract

Any potential corrective dip was dismissed Thursday-Friday with the surge above our chart targets at 1256, 1259/60, 61.8% retrace at 1266 and 1280.

The Tuesday push above 2139 secured and reinforced the basing effort from December for a bullish shift and this was further enhanced by the break last week above a down trend line from March 2014 and leaves threats still higher for latter January.

Short-term Outlook - Upside Risks:

  • We see a more positive tone with the bullish threat to resistance clusters at 1298/99 and 1300/03.
  • Overshoot threat for January is up to 1323/25 and maybe even the 1350 cycle peak.

Momentum: The 8-day RSI, short-term momentum is rising confirming the new high and has scope to go still higher.

What Changes This? Below 1225 eases bull risks; through 1186 signals a neutral tone, only shifting negative below 1167.

For Today:

  • We see an upside bias through 1282/83 to 1288; break aims for 1298/99/1303.
  • But below 1255 opens risk down to 1226/25.

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Daily Gold Future Chart


2 Hour Gold Future Chart


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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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