FXstreet.com (Barcelona) - The gold has reached today's session its highest level at $1,133/oz after continuing with its advance from Friday Nov 13 low at 1,103. Currently the pair is trading around $1,131.60/oz, above the $1,110/oz level of the opening price.
Mohamed Isah, Technical Strategy at FXTechstrategy, comments that Longer term upside momentum continues to be seen pushing Gold to yet another un charted territory today following a fresh all time high the past week: With the new break higher, our medium term target standing at the 1,150 level (psycho level) comes in as the next resistance with a decisive break through there calling for further price acceleration towards the 1,180 level ahead of another huge psychological level at 1,200. Beyond there will bring our long term upside targets at the 1,250 and the 1,300 level into focus. While we are conscious of pullbacks and consolidation along the way, the commodity continues to retain its bullish longer term structure suggesting that such pullbacks if seen will be corrective of its primary uptrend.