Gold price rushes to the upside
New York (Apr 27) Gold has rushed $16 to the upside and has pushed right against the 100 bar MA (blue line in the chart below)on the 4-hour chart at 1199.46. The 50% of the move down from the April 6 high comes in at the 1199.63 level and then there is the 1200.00 natural resistance. The high reached 1199.94. Sellers came in.
Earlier the precious metal moved above the 200 bar MA on the same 4-hour chart that 1187.66 (see green line in the chart above) and this seem to have ignited the push higher (see 5 minute chart below). If the buyers are to push above the 1200 level look for the 38.2 to 50% retracement of the spike move higher to hold support now (see yellow area in the chart below). A move above the 1200/1201 level should next look toward the 1205.41 area where the high from April 22 (1204.86) and the 61.8% of the move lower are found. (PS the trend line on the chart comes in at 1201.00 currently).
Spot silver price jumped nearly 3% to $16.29 on short-covering and heavier volume. And platinum soared $23 to $1146, while palladium rose $9 to $785 and ounce.