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GCG15: Bull Eyeing Gold’s 200-Day Moving Average

Gold is trading at the highest level since October 23 as speculation mounts that the Fed will not raise rates this spring or summer. Some believe we may not see an interest rate rise at all this year as wage growth and seasonal employment overshadow Friday’s jobs report. Furthermore, as noted here, Gold is breaking out to the upside priced in Euros trading above €1000 for the first time since September of 2013 as investors are expecting quantitative easing from the ECB to fight deflation and spark growth. It has now extended above €1050 and less than €10 from taking out the peak at that time. Gold reached a high of 1244.5 last night as it ran stops above the December high. The bulls now eye the 200-day moving average which comes in at 1256.9 today and aligns with the high on October 20 of 1256.2. A close above 1237.9-1239 will keep immediate-term momentum clearly with the bulls. First support will come in at 1231.3 though the bears must achieve a close below the major 1221-1223.2 in order to negate this rally and neutralize the market.

Resistance – 1237.9-1239***, 1256.2-1256.9***, 1265**, 1274.8-1277**

Support – 1221-1223.3***, 1216.2**, 1210.5-1210.9**, 1199.9**, 1190.4-1193.3**, 1178.9-1181.4***, 1170.7-1172.9**, 1159.4-1163.9**

 

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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