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17 Mar 2014
Gold hits a new 6-month high
FXStreet (Bali) - The price of gold is enjoying yet another run higher, this time reaching a new 2014 high at $1,390 from a NY close of $1,382.
Technically, the yellow metal, which had broken through the $1,375 (76.4% fib retrac from the $1,433-$1,187 decline) last Thursday, sees no major hurdles until $1,400 psychological level, ahead of $1,413.5 (Sept 3 peak) ahead of $1,442.
Speculators, which continued to add longs last week, will likely exploit the 'void' area on the upside, as momentum remains in favour of further gains in the sessions ahead.
Technically, the yellow metal, which had broken through the $1,375 (76.4% fib retrac from the $1,433-$1,187 decline) last Thursday, sees no major hurdles until $1,400 psychological level, ahead of $1,413.5 (Sept 3 peak) ahead of $1,442.
Speculators, which continued to add longs last week, will likely exploit the 'void' area on the upside, as momentum remains in favour of further gains in the sessions ahead.