After the expected quiet day of trading yesterday, gold has continued its positive stance today, climbing a few dollars higher to trade around resistance at 1694.
News that the Bank of Japan is increasing economic stimulus has supported the market, and the looming debt ceiling negotiations in the US will continue to provide support in the coming weeks.
There is still a lot of resistance immediately overhead for gold, at 1694-1697 and 1703-1706, though once through these areas we expect the price to rise to 1725-1730 quite rapidly, with 1755-1760 the next target above that.
The 20DMA is now climbing and the 200 DMA will start to turn higher as the price moves higher. The market remains well supported around 1682-1684 and below that at 1673 and 1662-1666.
Today's video looks at our target for this rally and the areas of resistance in more detail.
News that the Bank of Japan is increasing economic stimulus has supported the market, and the looming debt ceiling negotiations in the US will continue to provide support in the coming weeks.
There is still a lot of resistance immediately overhead for gold, at 1694-1697 and 1703-1706, though once through these areas we expect the price to rise to 1725-1730 quite rapidly, with 1755-1760 the next target above that.
The 20DMA is now climbing and the 200 DMA will start to turn higher as the price moves higher. The market remains well supported around 1682-1684 and below that at 1673 and 1662-1666.
Today's video looks at our target for this rally and the areas of resistance in more detail.