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Gold Travels to a Monthly High Above $1236.80

ForexMarketz October 16, 2014 Technical Analysis Leave a comment 756 Views

Gold (1242.10)

The yellow metal put in a piercing line candlestick, see MT 4 chart below, then pushed higher. We have now broken above 1236.80 to reach a new monthly high.

Daily Gold MT4 Chart
Daily Gold MT4 Chart

Should gold break above 1244.80, with a daily close, then we will challenge 1264.05. Should we reverse course and move lower, we need a close back below 1221.10 to target 1206.50.

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