Gold spikes after week long rally from lows

Gold (daily chart shown below) continued its week-long rally as of Thursday morning, spiking to a three-week high above 1219 before retreating. The current rally […]


Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

Gold (daily chart shown below) continued its week-long rally as of Thursday morning, spiking to a three-week high above 1219 before retreating.

The current rally saw the precious metal rebound from a price depth of 1142 in mid-March, which was a re-test of late November’s 1142 swing low.

The long-term, four-year low remains unbroken for the time being at 1131, which was hit in early November of last year.

2015-03-26-Gold

 

Prior to the current rebound, gold experienced a precipitous drop from January’s 1307 high down to the noted 1142 low last week.

While continuing to trade within a multi-year bearish trend, gold’s current relief rally could well have further upside towards key resistance levels in the short-term.

On any breakout above the 200-day moving average, the major upside resistance targets currently reside at 1240, 1265, and 1300. Downside support continues to remain around the key 1180 level.

Related tags:

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar