12 Feb 2014
Gold jumps to 1,295.33/oz; 3-month high
FXStreet (San Francisco) - The gold is advancing for sixth straight day and after an early pullback to 1,285, the yellow metal managed to hold this level and to bounce back to test the highest since November 8 at 1,295.33.
Gold extends its advance nearing $1300/oz. with the 4 hours chart showing a strong upward momentum coming from indicators after a limited corrective movement. "The metal has an immediate resistance around $1305, where it presents several daily lows from past October," comments Valeria Bednarik from FXStreet. "Once above, the bullish continuation will be confirmed midterm eying first the $1360 price zone."
XAU/USD is currently pricing at 1,293/60, 0.33% positive on the day. Pay attention to 200 DMA level now at 1,306.40 where the metal could find strong resistance. Above this level, 1,357.85 and 1,373.40 would be resistances.
Gold extends its advance nearing $1300/oz. with the 4 hours chart showing a strong upward momentum coming from indicators after a limited corrective movement. "The metal has an immediate resistance around $1305, where it presents several daily lows from past October," comments Valeria Bednarik from FXStreet. "Once above, the bullish continuation will be confirmed midterm eying first the $1360 price zone."
XAU/USD is currently pricing at 1,293/60, 0.33% positive on the day. Pay attention to 200 DMA level now at 1,306.40 where the metal could find strong resistance. Above this level, 1,357.85 and 1,373.40 would be resistances.