The sticky patch around 1345/55 is proving a tough nut to crack despite dips being well received by buyers.
Gold daily chart 10 03 2014
With the Sep 2012 trendline at 1356 and the old sup and res level at 1361 there’s plenty of tech for sellers to lean against and buyers profit against but I’d like to see a test of the levels before thinking about a short. This market is a different beast to the one we were trading last year and the gains have been fairly strong and sustained. However, there may well be some stale longs who were caught out in last year’s big fall just waiting for an opportunity to unload into any decent breaks of the levels.
