Gold made a huge move today hitting its highest level since last November. The price moved to a high of $1274.18. It is currently at $1273.95 up $122.85 or 1.83%.
- A lower dollar.
- Lower interest rates.
- US/Russia meeting in Russia.
They are all contributing to the rise. Technicals are also playing a bullish role.
Looking at the daily chart, the price is breaking away from the 200 day MA at $1257.84. The price of Gold has not closed above that MA since just before the November election. We are also trading above a trend line (ignoring the November spike – around 1270 area).
Technically, the break today is more bullish. Close risk is the broken trend line (at $1270 area). The 200 day MA is also an obvious risk level for the buyers. Stay above is more bullish. Move below and the buyers on the break grumble.
The next target comes in at 1278.90. That is the 61.8% of the move down from the July 2016 high. A move above that level and traders will be looking toward the $1300 level.
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