Gold retains a positive technical structure as long as it holds above the
$4,680-an-ounce level, XS.com’s Simon-Peter Massabni says. He notes this zone
now serves as immediate support for the metal.
The recent breakout has “triggered fresh algorithmic buying and institutional
inflows," he says, raising the probability of another test of the psychological
$4,800 level if momentum continues.
Spot gold is up 1.0% at $4,727.99 an ounce.
