The 61.8 fib of the August hi/lo is now fully gone. Give or take a few ticks it was providing resistance but the move into 1340 puts that to the sword.

Gold h1 chart 25 02 2014

Gold h1 chart

1351 is the next target to take out being the resistance line from May 2013 and is ahead of the Oct highs at 1361 and the Sept 2012 resistance line at 1368. Once again dips have been fairly shallow and have not given much cause for concern.

Gold daily chart 25 02 2014

Gold daily chart

The 200 dma is still the level to break to the downside at 1302 with support coming in just ahead at 1307/09. Near term, 1332/38 may see mild support on a move down.

Technically there’s still a lot to do before we have a go at 1400 but the momentum is still with the bulls while the key levels hold.