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Gold Prices Could Continue Higher

Gold Prices Could Continue Higher

David Rodriguez, Head of Product
Gold Prices Could Continue Higher

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GOLD Retail traders have mostly sold into recent Gold price gains versus the US Dollar, and the commodity’s resilience near key highs leaves our short-term focus higher.

Trade Implications GOLD Gold continues to hold near key April highs at $1330, and there remains risk that the precious metal may stop and reverse near these price levels. Yet it would take a break below important congestion support near $1310 to shift our focus lower. Topside targets include March highs of $1340 and a secondary peak near $1355.

See next currency section: GBPJPY - British Pound Sterling at Extremes versus Japanese Yen

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Gold Prices Could Continue Higher

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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