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Gold Market Update: Gold Gets Off To Positive Start

ByGoldTradingExperts.com
Published 02/17/2014, 06:39 AM
Updated 07/09/2023, 06:31 AM
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Gold finished near the highs of the week on Friday, closing above the 200 DMA for the first time in a year and looking likely to see further buying this week.

This morning, gold has got off to a positive start, reaching resistance at $1326-$1330 and moving higher along the steep uptrend line. The recent rally has been impressive and impulsive in nature, with no overlapping waves and a series of progressively higher highs and higher lows.

The tumbling dollar has helped propel gold higher, with anaemic equity markets and a surging oil price helping provide a perfect environment for gold to shine, along with silver.

Support can be found at $1294-$1296, $1284-$1286, $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, though is looking increasingly unlikely.

Resistance can be found at $1326-$1330, $1350, $1360 and $1377-$1380. The breakout above $1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.

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