A close above 1.240 will give gold the opportunity to test its 3-month high @ 1.255. Price needs to stay above 1.215 to keep the current uptrend intact. Slow global economic growth and subdued inflation expectations make the continuation of QE programs a certainty, while dollar strength puts a lid on commodity prices.
Gold price (nearest futures), 5-hour candles:
Chart courtesy of Investing.com (www.investing.com)
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