Saturday, August 22, 2015

Gold at resistance zone

Gold recently managed to break above 1130$ and move towards the strong resistance zone of 1155-1160$.Probably Gold has just finished a 4th wave.It is now lying just below a strong resistance zone and is getting overbought(RSI(14) 69) .IF gold manages to break (and remain) above 1160 then the current count is dead and a possible next target will be 1200-1210$.This will be the last line of defence for the bears.

Same picture for miners(GDX).GDX managed to break above 15 but it is still below the strong resistance zone of 17.5-18.IF GDX breaks above 18 then next target will be 20.5 (last line of defence for bears).