Gold technical analysis 34

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The gold price made a solid attempt to remain above $1,358 mark in the last 3 trading sessions but each time there was a sharp rejection which looks like for the time being the rally may be taking a breather.

We saw a similar rejection at the same price in the beginning of September last year and was followed by a sharp reversal which saw the price plummet well below $1,300.

This is unlikely to happen this time around as the number of buyers waiting for a pullback to get into the market are plentiful. There is also a number of fundamental factors that are likely to save gold from any major retreat.

A reversal back to the last support level of around $1,328 is a distinct possibility as holders of long positions temporarily exit gold on the back of profit taking.

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