Deutsche Bank on gold, a technical view
DB headline the piece with: Big weekly rejection of the downside suggests further gains in store.
Main points:
- stabilising nicely above the 38.2% Fibonacci support of the May-Sep rally last week
- the long lower shadow on last week's candle suggesting bulls were clearly in control over the latter part of the week
- short term charts do look a touch stretched so expect we start the week with the required consolidation
- looking for gains towards last week's highs at 1518.50 before an attempt at 1535.60 the Sep 24 high later in the week
- from the weekly chart the medium term picture remains very constructive
- ultimate gains towards 1700
