Spot Gold has refreshed five-month highs at $1,870 after breaking key resistance at $1,834. Strategists expect gold to stage a significant leg higher on a break above the June peak at $1,925.
Gold Comex Above rising short, medium and long-term averages
“Gold continues to improve steadily and has now cleared key price resistance from the July and September highs and downtrend from August 2020 at $1,834 to establish a five-month base. With the market also above rising short, medium and long-term averages evidence looks to be building we may be at the beginning of a more sustained move higher.”
“We look for a test of the June high at $1,925, a break above which should add further weight to our view with gold price resistance then seen next at $2,000 and eventually back to the $2,075 record high.”
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