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Gold on the rise
It’s been a great few days for gold longs, with the push to the $1245 area confirming the bullish momentum. A steady rising trend on the hourly chart should provide the guide here, dips towards $1240 today, or along the trendline in coming sessions, or to the 50-hour SMA (currently $1235) should be viewed as buying opportunities.
The confluence of the 50- and 200-day simple moving averages (SMAs) could lead to some hesitancy around $1245, but a firm push above $1248 should clear the way nicely for a test of $1260 and higher.
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