24 Jan 2014
Gold's best day since October
FXstreet.com (Córdoba) - The value of spot gold (XAU/USD) rose sharply on Thursday after making a strong reversal and finished near daily highs above $1,260 an ounce amid a weak US dollar.
A golden day
During yesterday's Asian session gold was trading below a key support level that lies around $1,235 eyeing lower levels but started to bounce early in Europe and then jumped to the upside. Price went from trading at 13-days low at $1,231 to $1,265 in a few hours, reaching the highest level since December 12th.
The metal gained almost $30, having the best day since October. The daily close at $1,263 was the highest in two months.
Technical outlook for Gold
Momentum changed dramatically in gold and now is bullish, with the price trading barely below a key resistance area that lies between $1,265 and $1,270. To the downside support lies at $1,250 ahead of the still relevant located around $1,235. Above $1,270 immediate resistance lies at $1,277 and $1,290.
A golden day
During yesterday's Asian session gold was trading below a key support level that lies around $1,235 eyeing lower levels but started to bounce early in Europe and then jumped to the upside. Price went from trading at 13-days low at $1,231 to $1,265 in a few hours, reaching the highest level since December 12th.
The metal gained almost $30, having the best day since October. The daily close at $1,263 was the highest in two months.
Technical outlook for Gold
Momentum changed dramatically in gold and now is bullish, with the price trading barely below a key resistance area that lies between $1,265 and $1,270. To the downside support lies at $1,250 ahead of the still relevant located around $1,235. Above $1,270 immediate resistance lies at $1,277 and $1,290.