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22 May 2014
Gold jumps to 1,303/oz
FXStreet (San Francisco) - The Yellow metal is trading higher on Thursday as investors are weighting the upcoming Ukraine elections. After advancing $11 from 1,292.50, the XAU/USD jumped to 1,303.65 and currently it is trading 1,295.55.
Gold extended its advance up to $1303.65 so far today, where a daily descendant trend line coming from April high around 1331.49 capped the upside. "The metal enjoys some intraday upward momentum, with the 4 hours chart showing price overcoming moving averages and indicators heading north in positive territory," FXStreet's chief analyst Valeria Bednarik comments. "But dangerously close to these last weeks’ range top of 1309.24."
Gold sentiment
Further gains above the mentioned trend line should see then an approach to the 1310 figure, while back below 1296 should deny the possibility of such advance and see gold back under pressure.
Gold extended its advance up to $1303.65 so far today, where a daily descendant trend line coming from April high around 1331.49 capped the upside. "The metal enjoys some intraday upward momentum, with the 4 hours chart showing price overcoming moving averages and indicators heading north in positive territory," FXStreet's chief analyst Valeria Bednarik comments. "But dangerously close to these last weeks’ range top of 1309.24."
Gold sentiment
Further gains above the mentioned trend line should see then an approach to the 1310 figure, while back below 1296 should deny the possibility of such advance and see gold back under pressure.