And above $1300
The value of gold shot up on Friday and within the course of first examined the low of the close to month lengthy vary at $1276 after which cracked above the close to month lengthy excessive at $1298.60. The pair closed above that “Crimson Field” that has confined the vary.
In the present day, the worth is consolidating the positive factors. The low did dip beneath the $1298.60 degree on the best way to the low at $1297.71, however has pushed again larger. The value remains to be down on the day by about -$three, however is above that “Crimson Field”. That offers the consumers somewhat extra management. It would take a transfer beneath the low for the day to bitter the bullish bias.
The excessive right now reache $1304.52 which remains to be beneath the excessive from Friday at $1305.44. The $1309.37 could be a the following topside goal (June 2018 excessive). Above that, the Might excessive at $1326.03 is one other goal. The highs from Jan 2018 and April 2018 got here in at $1366. Evidently the double prime is a key degree, however that’s down the highway.
The highway forward is just targeted on the $1297-98 space. Keep above and all is alright for the bulls/consumers. Transfer beneath and there might be some disappointment on the get away of the “Crimson Field”.