Gold getting ready for the big job
The move higher goes on for gold, with Friday’s dip affording the chance for more buyers to hop on. The first weekly pivot point to watch for resistance is $1243.
Above this the price has a big job ahead of it – breaking the high from late February at $1260, along with the 200-day simple moving average ($1260) and also smashing through the downtrend from last year’s highs. That still gives us some short-term upside to play with. If it fails to move on above $1260 then we would look to $1195, the March low, then to the January low at $1180, and then all the way back to $1122. Above $1260 the next move higher would run into resistance at $1279 and then back to the November high at $1300.