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.
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