13 Jan 2014
Gold extends gains, climbs above $1,250 to 1-month highs
FXstreet.com (Córdoba) - After rising on Friday more than $25, Gold is extending gains at the beginning of the new week. Recently reached at $1,255.08 the strongest level since December 12 but pulled back toward $1,250.50 afterwards.
The ounce is rising as the US dollar weakens in the market particularly versus commodity currencies.
Bullish outlook for gold
At the beginning of the year gold broke above $1,220 that was then a strong resistance. Once above, demand for the metal increase boosting the price toward $1,250. The rally broke a short-term downside trendline.
Above $1,255 the next key resistance is located around the $1,265 price action zone. During November the level acted as a support and once below, turned to resistance, that capped the upside about a month ago. To the downside support could be located at $1,245 and below at $1,234 and $1,216 (last week lows).
The ounce is rising as the US dollar weakens in the market particularly versus commodity currencies.
Bullish outlook for gold
At the beginning of the year gold broke above $1,220 that was then a strong resistance. Once above, demand for the metal increase boosting the price toward $1,250. The rally broke a short-term downside trendline.
Above $1,255 the next key resistance is located around the $1,265 price action zone. During November the level acted as a support and once below, turned to resistance, that capped the upside about a month ago. To the downside support could be located at $1,245 and below at $1,234 and $1,216 (last week lows).