LaSalle's Nedoss: favorable technical picture for gold prices
(Kitco News) - A healthy technical-chart picture means Comex June gold may be poised to retest the April 14 peak of $1,788.80 an ounce, said Charlie Nedoss, senior market strategist with LaSalle Futures Group. He pointed out that gold futures have been posting higher daily highs and higher daily lows this week. “We’re back above the 20-day moving average,” he said. “I would point out that we’re doing this with the dollar – although down today – at still pretty highly elevated levels.” Nedoss put first resistance around $1,760, then the April high. He put his chart support around $1,719 to $1,715. As of 10:49 a.m. EDT, June gold was up $7.20 for the day to $1,748.20 an ounce.