FXStreet (Córdoba) - Gold prices surged during the American afternoon, with spot extending up to $1,151.15 a troy ounce before retreating somewhat ahead of the closing bell.
Physical demand remains low amid the long holiday in China, which means most of the latest gains are a result of speculative demand.
Gold technical view
“Trading near its fresh 2-week high, the daily chart shows that the price extended above its 100 DMA, whilst the 20 SMA has turned higher well below the current level, and that the technical indicators have bounced from their mid-lines, and maintain their upward slopes, pointing for a steady advance”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA has crossed sharply above its 100 and 200 SMAs, although the Momentum indicator has retreated from overbought territory and hovers near its mid-line, whilst the RSI indicator turned lower from overbought levels and is currently around 66, all of which supports at least some short term consolidation before a new leg north”.
Support levels: 1,142.50 1,130.10 1,121.80. Resistance levels: 1,151.15 1,156.70 1,162.75.
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