Richard Perry
Independent Analyst
Is it possible that finally the gold price is now beginning to get some traction and there is going to be a breaking higher from the range? After four straight days of gains, the bulls are putting real pressure on the old resistance at $1224.10. I continue to look for a closing break above the resistance to give confirmation of the intraday breaches that have been achieved on recent days but without that final confirmation break. Once more we are seeing an intraday breach with this morning a push to a new 3 month high. The momentum signals are beginning to add to the breakout with the RSI now above 60 and at its highest since late January. A test of the resistance at $1236.50 is next up. A successful confirmed upside breakout from the range could imply an upside target of $1270. There is now good support in place at $1211, with $1221 the initial support.
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