As discussed on Thursday of last week Gold has climbed in the short-term and is now testing as of early this afternoon, Monday, important resistance levels. The precious metal is up to 1272.00 USD and is at an important juncture. If Gold should be able to break through this resistance area it could try to test other highs. The dilemma facing traders is the lingering presence and fingerprints of bears who have controlled Gold for well over a year.
If you are looking for a range the next important resistance level could be around 1292.00 and support seems to be around 1262.00. Obviously this value range means that if Gold starts to break what has been a rather polite consolidation that it may find itself back within a fast and volatile price fluctuation. And when looking at the results from the broad markets the past couple of weeks, Digital Markets Advisor expects a fast pace to emerge in Gold.