Second update:

Gold hovers near 1140.00, which was the second target of our recommendation near 1142.00 resistance.

We are content with the profits we made ahead of the weekly closing; noting that, a break above 1142.00 will affirm bullishness.

Gold inclined sharply, breaching 1134.00, which could trigger more upside actions. A stable move above 1125.00 will affirm and above 1134.00 will accelerate targeting 1142.00.

Gold inclined above 38.2% Fibonacci at 1125.00 after achieving a bullish crossover on moving averages and that should trigger additional upside actions.

It is worth mentioning that, the bullishness strength has decreased on ADX, while RSI shows overbought signs that will cause fluctuation.

A break below 1115.00 will negate the bullish scenario, which will be affirmed with a break above 1134.00.

Support: 1125.00 – 1120.00 – 1115.00

Resistance: 1134.00 – 1138.00 – 1142.00

Direction: Bullish

Posted By: ICN.COMon: September 18, 2015In: Technical Analysis

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