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11 Feb 2014
Gold ends at the highest level in 2 months, above $1,270
FXStreet (Córdoba) - Spot gold rose for the fourth consecutive trading day and managed to post the first daily close above $1,270 since November 19. The ounce rose during the Asian and the European session and peaked at $1,277.90. On American hours moved sideways around $1,274.
Technical outlook for gold
The metal continues to move with an upside bias in the short-term and confirmed the trend with the recent advance, above a key resistance level. To the upside, immediate resistance lies at $1,280 and $1,290 ahead of the psychological area around $1,300.
To the downside a key support is located around the $1,255 price area where a short-term uptrend line stands. A break below could trigger corrective moves. Below the next support area is located between $1,231 and $1,236 (multiple daily lows and highs).
Technical outlook for gold
The metal continues to move with an upside bias in the short-term and confirmed the trend with the recent advance, above a key resistance level. To the upside, immediate resistance lies at $1,280 and $1,290 ahead of the psychological area around $1,300.
To the downside a key support is located around the $1,255 price area where a short-term uptrend line stands. A break below could trigger corrective moves. Below the next support area is located between $1,231 and $1,236 (multiple daily lows and highs).