Gold price target of $1792 on a daily close to move higher
After the recent fireworks in the gold market yesterday’s action was very tame, keeping within a $10 range ($1770-80). Today the gold price has opened up in the middle of that range ($1775) and hasn’t really budged all morning.
It’s now clear what the target is for gold to move higher. The gold price must close above $1792 on a daily close if we’re going to move higher. Here’s why?
Back in November 2011 the highest daily close was $1792. Last week the gold price matched that, closing out the day again at $1792. We’ll probably need to see that level taken out this week otherwise there’s a good chance the shorts might start to feel emboldened and try another raid.
€ gold seems to be stuck around the €1370 level and seems reluctant to make much in-roads higher for now.
It would appear that £ gold has the most potential to run higher from here. We’ve talked about £ gold being a laggard, but noted yesterday that £ gold has now risen the same amount (15%) as $ gold since the May 2012 lows.
It’s now possible that £ gold will go from laggard to leader. The money-printing talk at the BoE will get louder as we move into November especially after yet more poor data out of the UK today. A quick move to £1133 on the cards?
- Is the gold price setting up for a big move in March?
- Gold price falls through its 200 daily moving average to $1670, down 2% for the day – watch the $1677 level into the close today
- Will a higher oil price break gold out of its range?
- Gold price looking for another weekly gain and a close above its 200 DMA
- Gold price on the verge of making new all time daily closing highs… in Euros
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-target-of-1792-on-a-daily-close-to-move-higher-8312/