Friday, May 19, 2017

Gold stabilizes over $1250 as price moves to highest level in five weeks

Beginning eight days ago, the historic beatdown of gold appears to be over as the precious metal will close out Friday's market session with the first positive week in over a month.


Solidifying a price back over $1250, gold's move over the past eight days has also pushed it back over its 50 and 200 day moving averages, signalling a strong sign that the price will continue to move higher in the coming days and weeks.

“Specifically, support is being provided by the 50- and 200-day moving averages at around the $1,245-$1,248 area, while resistance…sits at $1,265,” he said. “If support at around $1,245 breaks decisively, then the next bearish objective would be $1,237, which was previously resistance. Thereafter, the bullish trend line would come into focus.” - Market Watch

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