Gold climbs above 200-day moving average

Gold prices rose another $5 today after a more than $20 gain on Wednesday and are closing in on the highest level since February.

Gold climbed above the 100-dma yesterday in the third day of gains.

The main resistance level is $1225, which is the 50% retracement of the Jan-March decline along with the March and April highs.

The immediate target if that breaks is $1244, which is the 61.8% retracement but a run all the way to $1308 is a more-likely results, especially if US economic data continues to disappoint.