Gold: Emergence of an upside bubble on the weekly chart - Natixis

The increase in the weekly volatility of gold and the bullish weekly indicators suggest the emergence of an upside bubble on the weekly chart, according to Micaella Feldstein, Research Analyst at Natixis.

Key Quotes

“Besides, upside parallels have emerged on the daily chart, giving weight to our view for further advance.” 

“Against this backdrop, dips towards 1302-1307 (9-day moving average) even to the supports at 1292-1295 (daily parabolic) will enable gold to gather its breath before a new round of rallies. The break of 1323-1325 (daily Bollinger upper band) would open the door to 1337 (monthly parabolic). The rally would gain further momentum upon a break of the latter barrier to 1368 (monthly Bollinger upper band).”