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Gold back in bullish mood
Gold bulls will certainly welcome the move back above the 100-day simple moving average (SMA) at $1225.7. The price has pushed back above $1226 as well, a key area over the past week, so with this accomplished we now look to see if it can clear $1235.
The first target to watch for on the daily chart is $1239, and above this the 200-day SMA at $1246. This week’s low around $1215 was above the $1195 low of March, so the uptrend off the December lows is intact. The gold bulls seem to be in charge once again.