Gold Analysis: Jumps on Tuesday

Gold

Gold prices have surged on Tuesday morning and reached the upper trend line of a dominant ascending pattern near the 1,235.00 level.

If the commodity price breaks the resistance of the trend line, the metal is set to surge at least up to the 1,240.00 mark.  

Meanwhile, a bounce off from the resistance and a following decline would reach back down to the pivot point at the 1,227.30 level.

 

Interested in Gold technicals? Check out the key levels

R3 1237.34 R2 1233.45 R1 1227.67 PP 1223.78 S1 1218 S2 1214.11 S3 1208.33

Gold and silver price ETFs see major net outflows

Gold stocks decline by less than metal price

A shift to the later stages of gold and silver bull markets

Gold stocks plunge on metal drop

Gold stocks still up after pullback late in the week