Gold regaining ground
The gold rally on Friday continues to recover the ground lost over the past few weeks. Today has seen the price push back above the 200-day simple moving average (SMA), so that we now look to $1240 and $1246 as the next potential areas of resistance. Above these a broader move towards $1260 and $1267 could be in play.
It would need a reversal back below $1222 to suggest a new move lower is underway.