Gold: Short term outlook have improved – Natixis

According to Micaella Feldstein, Research Analyst at Natixis, the ST outlook has improved for gold with the emergence of an upside channel on the daily chart, the sharp increase in the weekly volatility and the bullish weekly indicators.

Key Quotes

“Against this backdrop, Gold should hold above 1244-1246 (daily Bollinger moving average) and initiate a new rally to 1270-1274 (rising trendline). The break of these barriers would provide fresh bullish momentum to 1285-1292 (weekly Bollinger upper band) and to 13041307 (upper band of the upside channel since dec 16).  The supports stand at 1244-1246, at 1233, at 1218-1221 and at 1205.”