Gold Holds Gains Against U.S. Dollar
Capitol Academy | Nov 18, 2014 02:30AM ET
The Gold recovered yesterday toward a two-week high, however the gains remained limited due the decrease of the safe haven demand of the yellow metal as the US Dollar steadied near 4 years high on growing sings of strong economic recovery.
On the other hand, the ECB officials have raised speculations of further monetary stimulus.
The Gold has resumed its bullish trend, after facing a strong barrier around the support level, which corresponds to the Fibonacci level 127 , then the prices have entered within an upward correction step forming the Bullish Scallop, which reflects further recover of the prices toward $1196 per ounce, and a break through this level to the upside, will send the Gold toward $1200, then $1206 and $1206 per ounce.
And the moving averages are supporting the upward trend toward the mentioned levels.
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