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Gold: $1.800 & £1.913 levels in sight

The precious metal continues to trade in sideways’ range 1757-1780 and as the Fed continues to print US dollars the price of gold is fundamentally set to continue much higher. With the 50-day simple moving average remaining supportive of another bullish wave, the gold market is currently hovering just below the strong resistance level at 1800. A break above that area could signal a longer-term bullish trend, opening the door for the next resistance level at 1913. As long as support at 1665 remains intact, the market continues to be in a bullish uptrend. Pullbacks to the 1740 level could be considered good buying opportunities.

Dafni Serdari
Market Analyst
Disclaimer
The comment in this blog is the personal opinion of the contributors and not Intertrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. Intertrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.

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