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Gold extends rally above $1100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - After a pullback toward the $1090 area, gold gained momentum and jumped back above $1100, hitting a new high at $1106, the strongest level since October 6. The yellow metal has been favored by tensions across financial markets.

    During the last hours, commodity currencies managed to stabilize and the yen retreated modestly, while gold extended gains. Crude oil prices stopped falling, with the WTI finding support at $32.00 a barrel.

    Gold is rising for the fourth day in a row and since the beginning of the year it climbed almost 4%. It started around $1062 and now is holding above $1100 after breaking key technical levels.

    Advancing through Sep & Oct lows

    The price of spot gold is rising above September and October lows that are located between $1098 and $1104. A consolidation on top could signal a continuation of the recovery in gold prices; while if it fails to hold, some correction could take place.
    For more information, read our latest forex news.
     

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