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In our last Monthly Technical Newsletter we evaluated “an appealing buying opportunity in the 290-285 window”. Since then Gold registered a low near 287.50 and rallied again from there.

Daily “chart 1, panel 1” shows that 287.50 can be considered as kind of positive retest to a former triangular formation (or the previously described structure line support “a”) allowing to evaluate an ideal upside target near 325. There we can also make out a major resistance line illustrated in monthly “chart 2, panel 1”. A possible second retest towards 285 in April can for the time being, still be considered an attractive chance to buy the bullion.

Again we would like to highlight that the technical reading in monthly “chart 2, panel 2” is already in very overbought territory. This fact suggests that a major upside advance for Gold will probably not occur throughout this year.




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