As some analysts say that gold is in the process of turning bullish on the daily charts, the yellow metal continued to trade high today.
In its largest weekly gain since mid-April, gold rose on Monday as declines in the U.S. dollar index set prices up for their highest finish in three weeks.
June gold GCM7, +0.61% tacked on $6.40, or 0.5%, to trade at $1,260 an ounce.
Last week and following the political unrest in Washington, the yellow metal rose by 2.1%.
“From a technical standpoint, a breakout above $1260 may open a path higher towards $1275,” Lukman Otunuga, a research analyst at FXTM, wrote today.
Comments
Rod Blakestad
This report is balogna…a trend is in effect, the next milestone will be $1305, then $2,000, then $5,000.