Gold Finally Takes A Peek Over $1300

Gold has finally managed to take a peek over the key $1300 per ounce price point helped along by a weakening USD. However, the monthly chart reveals the task now facing the precious metal as it approaches some stiff resistance, first in the $1320 region and thereafter the volume point of control at $1330. These levels which have to be breached on good volume before it can hope to attack the further strong resistance at $1400. An encouraging upwards journey for gold but one which is not going to be an easy ride.

Meantime a failure to take out the above levels would see gold consolidate before moving back to test some minor support at $1276.

And Wednesday’s FOMC will also help to determine gold’s near term direction.

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