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14 Feb 2014
Gold on firm uptrend, testing 200-day MA/weekly kijun
FXStreet (Bali) - Gold continues to rally in the Asian session, breaking above the $1,303 Thursday's high to currently stay at $1,303, level where the weekly kijun line comes at.
The uptrend in Gold price since the double bottom found at $1,180 has been nothing short of remarkable, with price being consistently bid on each pullback since the start of 2014.
According to Bart Melek, FX Strategist at TD Securities: "This trend is likely to continue for a while, with gold likely shooting through the 200-day average of $1,304 and trend up toward the $1,324 or even $1,361/oz, driven both by the lower opportunity cost of holding gold and short-covering by specs."
"Poor US economic data, which includes soft December/January retail sales, payrolls, manufacturing indicators and housing activity, have introduced uncertainty surrounding US economic performance in 2014", Melek adds.
The uptrend in Gold price since the double bottom found at $1,180 has been nothing short of remarkable, with price being consistently bid on each pullback since the start of 2014.
According to Bart Melek, FX Strategist at TD Securities: "This trend is likely to continue for a while, with gold likely shooting through the 200-day average of $1,304 and trend up toward the $1,324 or even $1,361/oz, driven both by the lower opportunity cost of holding gold and short-covering by specs."
"Poor US economic data, which includes soft December/January retail sales, payrolls, manufacturing indicators and housing activity, have introduced uncertainty surrounding US economic performance in 2014", Melek adds.