Gold broke the downward trend that started since
mid-March 2015, when was marked the annual low at $1046.77. Currently the price
of the precious metal found support around the psychological level of $1200 and
successfully broke the previous highs around $1270. Possible continuation of
the movement would lead the price to the nearest resistance in the area around $1352,
and then to $1395. On the downside support is located at $1210, followed by $1085,
and in the longer term at $1000.
On Friday session ahead of the ECB rate decision, gold bounced from the four weeks bottom and reached an intraday high at $1333.90. But thereafter fell and marked a low at $1319.30 and closed at $1321. The stochastic is about to cross the oversold area, but is still is showing bearish momentum.
On Friday session ahead of the ECB rate decision, gold bounced from the four weeks bottom and reached an intraday high at $1333.90. But thereafter fell and marked a low at $1319.30 and closed at $1321. The stochastic is about to cross the oversold area, but is still is showing bearish momentum.
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