Beginning eight days ago, the historic beatdown of gold appears to be over as the precious metal will close out Friday's market session with the first positive week in over a month.
Solidifying a price back over $1250, gold's move over the past eight days has also pushed it back over its 50 and 200 day moving averages, signalling a strong sign that the price will continue to move higher in the coming days and weeks.
“Specifically, support is being provided by the 50- and 200-day moving averages at around the $1,245-$1,248 area, while resistance…sits at $1,265,” he said. “If support at around $1,245 breaks decisively, then the next bearish objective would be $1,237, which was previously resistance. Thereafter, the bullish trend line would come into focus.” - Market Watch
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