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13 Feb 2014
Gold extends advance and reaches fresh 3-month highs at 1,297.21/oz
FXStreet (San Francisco) - After a brief pause on Wednesday, the XAU/USD is resuming its advance on Thursday with the yellow metal performing its eighth positive day in the last ten and posting a fresh highest price since November 8th at 1,297.21.
Gold extends its rally this Thursday, adding a couple bucks to yesterday’s high, quoting at a fresh 3-month high. The gold is currently performing 0.08% in the day after jumping $7 in the last hour from 1,290.00 to reach fresh highs at 1,297.21. It is now pricing at 1,295.40.
Gold Sentiment
"Having been steadily advancing for the past two weeks, technical readings in the 4 hours chart maintain a quite bullish tone after early dip found support in a strongly bullish 20 SMA, and indicators head higher above their midlines," FXStreet's chief analyst Valeria Bednarik comments. "Daily low and mentioned SMA stand around 1286 now offering support in case of retracements, while a break above the 1300 figure should lead to a continued advance towards 1361, past October monthly high."
In terms of technical levels, the XAU/USD would face resistances at 1,300 ahead of 200 DMA at 1,306 and 1,359. On the dowside, supports are at 1,290, 1,286 and 1,283.
Gold extends its rally this Thursday, adding a couple bucks to yesterday’s high, quoting at a fresh 3-month high. The gold is currently performing 0.08% in the day after jumping $7 in the last hour from 1,290.00 to reach fresh highs at 1,297.21. It is now pricing at 1,295.40.
Gold Sentiment
"Having been steadily advancing for the past two weeks, technical readings in the 4 hours chart maintain a quite bullish tone after early dip found support in a strongly bullish 20 SMA, and indicators head higher above their midlines," FXStreet's chief analyst Valeria Bednarik comments. "Daily low and mentioned SMA stand around 1286 now offering support in case of retracements, while a break above the 1300 figure should lead to a continued advance towards 1361, past October monthly high."
In terms of technical levels, the XAU/USD would face resistances at 1,300 ahead of 200 DMA at 1,306 and 1,359. On the dowside, supports are at 1,290, 1,286 and 1,283.