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Gold Tops Two Key Technical Levels, Tests a Third One: Chart

Bloomberg business news

Is the Gold Rush Slowing Down?

Gold’s rally this month broke it out of a three-year-old downward trend and pushed it above the first standard deviation line of its five-year average for the first time since June. By breaching those two levels, considered resistance points by technical analysts, the metal’s price of just over $1,200 an ounce now is testing another -- the 23.6 percent Fibonacci line of about $1,250. If it breaks through that barrier, the next targets would be the 38.2 percent Fibonacci line of $1,375 and the $1,410 five-year average.