Gold continues to hit new highs, reaching USD1,065

Technical Chart View


















Gold continues to hold onto the recent price strength gaining about USD9.00 on the day to settle around USD1056.50 per ounce. Today’s price action bodes well for continued upward movement as the week progresses. The measured move for the weekly chart shows USD1105. This is the distance from the triangle breakout at USD965, which would equal the correction distance from 1006 (Feb 16) to 866 (April 20). Suggest holding long positions while 1024 holds on a close basis.


Gold continues to hit new highs, reaching USD1,065 this morning. Most of the report still looking for USD1,100 although they expect a bumpy ride. Buying the dips remains most of the investor preferred strategy. Gold support is at USD1,050 and USD1,042 and resistance at USD1,065 and USD1,070.


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