Gold is up nearly 0.5% today and has broken out above important resistance points marked by local peaks near $2720 per ounce. Thus, bullion extends the technical uptrend, which has been indicated for a long time by the 100-day and 200-day exponential moving averages (purple and gold curves on the chart). At this point, the key question seems to be whether gold will manage to stay above the previously mentioned zone in the coming days. If such a scenario takes place, gold could theoretically attack the historical peak at $2789 in the long term. Otherwise, there is a possibility of stopping the bullish momentum and going below the zone of multiple local peaks at the previously mentioned zone of $2700. In such a situation, the most important support points remain the previously mentioned exponential moving averages.
Gold chart on the D1 interval. Source: xStation
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