Gold prices are modestly higher on Wednesday but it’s the sixth consecutive day of gains in a cumulative $40 move.
Today’s high rose above modest resistance at $1294, which was the Nov 14 high. The 61.8% Fibonacci retracement of the Oct-Dec losses also gave way but that’s a messy line to draw given the jerky nature of those losses. The larger levels are the $1300 psychological resistance and the 200-day moving average. It would be the first break above the 200-dma in just over a year.
Gold daily with 200dma
