Gold breaking above $1300 level. Next target eyed.

Technical Analysis

Author: Greg Michalowski | gold

The 1307.98 was 2015 high

The price of spot gold has been able to move to 2017 highs and in the process, has broken above the natural $1300 resistance level. 

The precious metal has moved close to the next key target. That is the 2015 high price at 1307.98. The high has reached 1307.81 and is backing off a bit. We currently trade at 1307.11. 

ON a move above, a topside trend line cuts across at 1352.14.  The high price from 2016 reached 1375.24.  

Longs/buyers will like to see the price remain above the $1300 level.  

The weaker dollar is helping to contribute to the rise in gold. The greenback is lower against all the major currencies today with the exception of the CAD. 

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