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- CitiFX technicals say a close above the 200-day
CitiFX technicals say a close above the 200-day
Spot gold holds at $1635.50/oz, after trading in a $1631.30 to $1646.90 range. The precious metal broke above its 200-day moving average Tuesday (at 1635 currently) and then earlier Wednesday took out the twin peaks from Dec 14/Dec 21 around $1641-1641.50, but saw little followthrough so far. CitiFX technicals say a close above the 200-day "would add to the bullish bias and open the way for the trend resistance at 1698 in the near term, followed by $1802.(Nov 8 high at $1802.60). They maintain their longer-term view that gold will move to new trend highs "over time and ultimately towards the $2400 target later this year."
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