Gold (GC) Bottoming on Weekly Chart

Gold, like silver, is forming a significant bottom as its weekly and daily RSI, Stochastics and MACD have all either turned higher or are completing their bottoming stage. Significantly, gold appears to have bounced off a major support that held May and July 2010, and June and December 2013. A respectable key upside target in the 1340 range can be expected based on the descending resistance line I`ve drawn connecting peaks in June and August 2013, and March 2014. Feel free to visit stks.co/h198G for today's technical analysis on $GC_F, $SI_F, USDX, EURUSD, USDJPY, GBPUSD, $NG_F, $CT_F, $ZC_F, $ZW_F, $SB_F, $KC_F.

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