Gold Trades Above the Key Psychological $1,200 Level
Gold is probably the most hated financial instrument among the Wall Street elite. Higher gold prices would assume that this so-called economic recovery was not as real as they thought. Given the bearish all-out attack on gold and the well-sought after $1,000 mark, gold has be resilient and rallied quite nicely.
There are a few factors for gold's rally. Technically, gold prices have been able to find pricing support in the futures market at important support levels because a break below these levels would have caused significant technical selling, and that $1,000 per toz. level could have been triggered. Gold traded above $1,200 this morning, and a close above this level would give way to further appreciation to $1,215 and $1,224 per toz. The first near-term target would correspond with price action resistance meeting the 50-day EMA. There are several minor descending trend lines that could hinder gold's progress higher as it trades through ascending channel created at the bottom. The bullish DMI crossover suggests that price action is now entering bullish territory and the first time it has happened in a month.
Please visit for more on gold:
tinyurl.com/mqxzowx
There are a few factors for gold's rally. Technically, gold prices have been able to find pricing support in the futures market at important support levels because a break below these levels would have caused significant technical selling, and that $1,000 per toz. level could have been triggered. Gold traded above $1,200 this morning, and a close above this level would give way to further appreciation to $1,215 and $1,224 per toz. The first near-term target would correspond with price action resistance meeting the 50-day EMA. There are several minor descending trend lines that could hinder gold's progress higher as it trades through ascending channel created at the bottom. The bullish DMI crossover suggests that price action is now entering bullish territory and the first time it has happened in a month.
Please visit for more on gold:
tinyurl.com/mqxzowx
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