There are a few factors for gold's rally. Technically, gold prices have been able to find pricing support in the market at important support levels because a break below these levels would have caused significant technical selling, and that $1,000 per toz. level could have been triggered. Gold traded above $1,200 this morning, and a close above this level would give way to further appreciation to $1,215 and $1,224 per toz. The first near-term target would correspond with price action resistance meeting the 50-day . There are several minor descending that could hinder gold's progress higher as it trades through created at the bottom. The DMI crossover suggests that price action is now entering territory and the first time it has happened in a month.
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