Gold on 11th April, 2017 had a strong rally from
1254.24 per ounce to close the session at $1274.36 having reached a high of
$1274.94 per ounce.
Technical analysis:
Gold reached the first level of our projected take profit at
$1279, also tested key trendline.
A breakout above the trendline would see a steep upside
rally towards critical resistance level $1306.94.
On the other hand, investor’s
resistance to pull a rally above the $1283.92 zone as in the chart below and
the metal finding resistance at the trendline would likely pull the price of
Gold back to $1263.
Happy Trading day.
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