Gold rallied $26 to $1189 Friday and touched as high as $1193 as the Nov 30 Swiss referendum on gold reserves nears. Polls show the public is generally against the forcing the Swiss National Bank from holding more gold but traders are taking nothing for granted.
The nearly $50 low-to-high rebound in gold on Friday was also boosted by a broad squeeze on the US dollar. It will be the second consecutive week for gains for the precious metal.
Technically, the move is impressive as it cleared three notable hurdles.
- Last week’s high of $1180
- The early October low of $1183
- The 38.2% retracement of the Oct-Nov drop
Keep a close eye on those levels on the close.
Gold daily
