Gold climbs to fresh one-week high after holding break above $1,700 yesterday

Technical Analysis

Author: Justin Low | gold

Gold is up by bout 0.8% now near $1,727

Gold H1 23-04
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Upon the break of the key hourly moving averages and the $1,700 level yesterday, gold buyers are building further momentum and is pushing to fresh highs since 16 April.

Price just broke the day's high earlier and is now aiming towards the 16 April high at around $1,738.70 next with buyers also keeping one eye on last week's high at $1,747.36.

For gold, price is recovering after encountering selling pressures amid the chaos in the oil market towards the end of last week and early this week.

But as the messy situation dials down a little, gold is starting to flourish and the technical break seen yesterday sets up a good platform for buyers to retest higher levels now.

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