By Russell Glaser
Spot gold prices rose to a new all-time high yesterday. On rising momentum, prices should continue to rally with an initial target at $1,500.
Looking at the daily chart, spot gold prices fell back to the early March high at $1,444 before moving higher to a new all-time high at $1,479. Prices could continue to move higher with a target at the big round number of $1,500.
To the downside, the late March lows at $1,410 should prove to be resistive as well as the mid-March low of $1,380, a level that the rising trend line from the July low is encroaching upon. A break below $1,308 would unravel the longs and signal a reversal of the bullish trend.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
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