Long Gold as price closed above the 0.618 Fibo Retracement

29. Apr. 2016

Weekly Chart Technicals for Gold looks Bullish with targets at 1347, the 0.78% Fibo Retracement from 2013-08-26 High to 2015-11-30 Low. Outer Bearish trendline resistance comes from the 2011-09-05 Top connected to the 2012-10-01 High. Will look to see if price breaks the current resistance level at 1293. The price move is also well supported by the Stochastic that moved above the 80 level this past week and a Bull Flag Formation on weekly that broke higher. The Fundamentals can also support further topside as some major events the last month has missed forecast (ISM, Home Sales, Consumer confidence, 1Q GDP). BUT keep in mind of next week's NFP and unemployment rates from the US this could give a pullback in price.