Gold retreats from one-month high

<p>Gold (daily chart shown below) has retreated in the past two trading sessions after hitting a one-month high of 1224 on Monday. That high traded […]</p>

Gold (daily chart shown below) has retreated in the past two trading sessions after hitting a one-month high of 1224 on Monday.

That high traded briefly above the 200-day moving average. Gold had not previously traded above this key moving average for two months, since early February.

For the past three weeks, the metal has seen a sharp rise from its year-to-date low of 1142 that was hit in mid-March. That low was a clear re-test of the same low from November of last year, and just slightly higher than its earlier multi-year depth of 1131.

2015-04-08-Gold daily chart


Having recently gained some ground from its long-term lows, gold is currently trading within a short-term bullish trend and could push further to the upside despite the noted pullback in the first half of this week.

With major support continuing to hold ground around the key 1180 level, the next major upside targets reside around the 1240, 1265, and 1300 levels.

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