Gold in bullish mode eyeing $1200

Gold in bullish mode eyeing $1200

Gold (+0.75%) has made a break higher during today’s session to trade at levels not seen since the end of November. The $1200 level remains of major importance as far as resistance is concerned and a clean break and close above here could lead to further gains. 

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As well as being a big previous swing level the 38.2% fib retracement of the declines seen since the spike on the US election comes in at $1202. The confluence of both of these contribute to the heightened significance of this level. 

If price breaks above here then we could see a sustained recovery up to $1250. $1160 could offer some support if price dips lower and the low at the end of last year around $1122 is now a major level. 

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