Gold rallies into major resistance zone
Gold has broken sharply higher overnight, following on from yesterday’s Federal Open Market Committee (FOMC) meeting. This has taken us back into a crucial resistance zone.
A break above the $1292 resistance level is needed to continue the creation of higher highs. Should that occur, we would be looking towards the $1296 resistance zone, which if broken, would bring a bullish picture to the longer term. As such, whether we can break through the $1292-$1296 zone will be a major determinant for whether this market becomes bullish for both the short and medium/long term.