Gold technical analysis: Yellow metal surges to almost 6-year high past $1,400.00/oz
- Gold is unstoppable as bulls break to multi-year highs.
- The level to beat for buyers is $1,433.82 per troy ounce.
Gold weekly chart
Gold is trading at its highest since September 2013. The market is in a bull trend above the weekly simple moving averages (WSMAs). 1,433.82 August 2013 swing high can be the next resistance followed by the 1,500.00 handle.
Gold is trading above its main simple moving averages (SMAs) suggesting bullish momentum. Support is seen at the 1,400.00 mark and at the 1,360.00 level.
Additional key levels
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.