Gold: Stronger rally appears on the cards towards 1316 - Natixis

Micaella Feldstein, Research Analyst at Natixis, notes that the gold rally initiated on the 1250 major support region has triggered a marked improvement in the ST technical pattern.

Key Quotes

“An upside bubble has emerged on the daily chart and the weekly stochastic has turned around.

Against this backdrop, a stronger rally appears on the cards towards 1316 (weekly Bollinger moving average). This resistance is important as its break would reduce the downside threats of a dip back to the 1250-1254 area (weekly Bollinger lower band) and would open the door to 1327 (declining trendline), to 1338 (quarterly Bollinger moving average) and to 1365 (weekly parabolic).

The supports stand at 1276, at 1265, at 1250-1254 and at 1205.”