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11 Feb 2014
Gold makes new 2014 highs
FXStreet (Bali) - Gold jumped to a new 2014 high during Asian trading, with strong bids sending the price from $1,270 up to $1,286, where the price stalled.
The breakout above $1,270 this week is an important bullish development for the gold market, as buyers leave behind the top of the daily kumo cloud and strong resistance.
At present, offers lying up around $1,285/86, resistance as per Nov 15 swing high, is capping further progress. Should buyers clear the level, an attack towards $1,300 looks possible. Note, on the way up, there is likely to be sellers attempting to fake rises at the top of an ascending channel line coming from early January.
The breakout above $1,270 this week is an important bullish development for the gold market, as buyers leave behind the top of the daily kumo cloud and strong resistance.
At present, offers lying up around $1,285/86, resistance as per Nov 15 swing high, is capping further progress. Should buyers clear the level, an attack towards $1,300 looks possible. Note, on the way up, there is likely to be sellers attempting to fake rises at the top of an ascending channel line coming from early January.