Gold 19/2/2014 FXasiatrade

GOLD TECHNICAL ANALYSIS – As noted in yesterday’s report the gains in gold have looked over-extended recently, given prices have moved significantly away from their 20 SMA. With a Bearish Engulfing pattern now forming on the daily there could be an indication of a potential reversal for the precious metal. However given the uptrend remains intact a follow through and more meaningful shift in momentum is required before offering a bearish bias. Buyers are likely to emerge between the $1,300-$1306 support zone.