Gold pushed well above the 1280 resistance level yesterday, surging as high as 1294 before finding resistance. The bulls need to keep the momentum going here and take out 1300 - with the dollar floundering, oil thrusting higher and equities lagging, this is the ideal environment for the bulls to take full control.
Gold is now above both the 20 and 50 DMAs and closing in on the major 200 DMA, hich is currently just above 1300. A move aboe this level should spark significant short covering and an acceleration in the move higher.
Support can be found at 1280, 1270-1275, 1266-1268, 1250-1255, 1237-1240, 1220-1225, 1210, 1200, 1188-1190 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term.
Resistance can be found at 1288-1294, 1302-1305, 1326-1330, 1350, 1360 and 1377-1380. The breakout above 1280 suggests an end to the intermediate term down trend, though it will take a close above 1300 to confirm a more significant rally is now developing.
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Gold Market Update: A Surge To 1294
Published 02/12/2014, 04:31 AM
Updated 07/09/2023, 06:31 AM
Gold Market Update: A Surge To 1294
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