Gold Prices Notch up 5-week High on Softer Greenback
Gold prices moved higher on Friday, notching up its 3rd consecutive higher close, running into its 100-day moving average at $1,166. It also pushed through recent resistance at $1,150 which should act as short term support, followed by the 10-day moving average at $1,125. Softer treasury yields have allowed the
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Gold prices moved higher on Friday, notching up its 3rd consecutive higher close, running into its 100-day moving average at $1,166. It also pushed through recent resistance at $1,150 which should act as short term support, followed by the 10-day moving average at $1,125. Softer treasury yields have allowed the dollar to declining in value, which in turn has helped the yellow metal gain traction.
Momentum on gold prices are positive with the MACD (moving average convergence divergence) index printing at its highs level in 2015, pointing to higher gold prices. Target resistance is now seen near $1,200 per ounce.
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