25 Apr 2014
Gold at 1-week highs, rises back above $1,300
FXStreet (Córdoba) - Spot gold is rising for the second day in row and recently climbed to $1,305.00 reaching the highest price in a week. The yellow metal continues to show strength and a bullish bias after reversing sharply yesterday from $1,270.
XAU/USD up $30 in 24 hours
From yesterday’s lows the ounce has risen more than $30, changing the short term bias from bearish to bullish in an hour. The rally from $1,270 found resistance initially at $1,295 but a few hours ago, broke above and jumped to $1,305.
Levels to watch
The area around $1,305 is the immediate support that also capped the upside a few days ago. If price rises further the next important resistance could be located at $1,314 (April 8, 9 highs - April 11 low).
To the downside, $1,300 could offer support for the coming hours, below here potential support lies at $1,296 and $1,290.
XAU/USD up $30 in 24 hours
From yesterday’s lows the ounce has risen more than $30, changing the short term bias from bearish to bullish in an hour. The rally from $1,270 found resistance initially at $1,295 but a few hours ago, broke above and jumped to $1,305.
Levels to watch
The area around $1,305 is the immediate support that also capped the upside a few days ago. If price rises further the next important resistance could be located at $1,314 (April 8, 9 highs - April 11 low).
To the downside, $1,300 could offer support for the coming hours, below here potential support lies at $1,296 and $1,290.