Gold maintains strength to establish three-month high
James Chen May 18, 2015 7:24 PM
<p>Gold (daily chart shown below) has maintained its strength at the beginning of the new trading week after having made a strong advance from early […]</p>
Gold (daily chart shown below) has maintained its strength at the beginning of the new trading week after having made a strong advance from early last week.
This most recent surge brought gold up from support lows around 1180 to break out above both its 50-day and 200-day moving averages last week.
Currently, the price of gold has hit a new three-month high on Monday, further lifting the precious metal off its long-term low around 1130 that was established late last year.
On a further rise off the week’s bullish momentum, the next major resistance target immediately to the upside resides around the 1240 level, followed by the 1265-area target.
Major downside support continues to reside around the noted 1180 level.
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