Gold turned more bullish after a big surge on Friday morning to a more than two-year high of 1358.20. Prices made an 8% jump since yesterday’s close of 1255.13.
Gold had started an uptrend since November 2015 when prices bounced from 1046.29 and rose to find strong resistance at the key 1300 level.
After trading in a range since February between 1200 and 1300, the market has broken out and is now eyeing the 2014 high of 1392.07.
In the case of a downside move, prices should find support at the 50-day moving average and below this the key 1200 level comes into view.
RSI is in bullish territory and is still rising, suggesting there is more upside potential.
Origin: XM
