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17 Feb 2014
Gold soars and hits fresh 3-month highs
FXStreet (Córdoba) - Spot gold continued with upside momentum and soared early in Asia climbing to $1,329.80 reaching the strongest levels since October 31. The metal continues its advance as the US dollar falls at the beginning of the week.
The value of the ounce is headed toward the seventh daily gain in a row. Despite the fact that some technical indicators are showing overbought levels, the upside is still showing strength. Last week XAU/USD rose more than $50, the best in four months and posted the first weekly close above $1,300 since late October.
To the upside immediate resistance lies at $1,330, $1,340 and $1,346. While support levels could be located at $1,317 and below here at $1,305 and $1,296.
The value of the ounce is headed toward the seventh daily gain in a row. Despite the fact that some technical indicators are showing overbought levels, the upside is still showing strength. Last week XAU/USD rose more than $50, the best in four months and posted the first weekly close above $1,300 since late October.
To the upside immediate resistance lies at $1,330, $1,340 and $1,346. While support levels could be located at $1,317 and below here at $1,305 and $1,296.