Gold Breaks Above Solid Resistance At 1260 Level

Gold Breaks Above Solid Resistance At 1260 Level

Gold Breaks Above Solid Resistance At 1260 LevelLos Angeles CA, April 11 (Tangible Investments) – by James O’Dell – Precious metals prices were sharply higher in early trading on Tuesday. Gold is up 1.36 percent to $1,271.50 an ounce after breaking above solid resistance at 1260 level.

The yellow metal gained $0.60 or 0.04 percent on Monday to close at $1,254.40 an ounce. Silver is up 1.65 percent to $18.23 an ounce after slipping $0.03 or 0.17 percent on Monday to close at $17.93 an ounce.

Gold/Silver ratio, the measure of the number of Silver ounces needed to buy an ounce of Gold, rose to 69.96. Platinum is up 1.17 percent to $949.00 an ounce. Palladium is up 1.14 percent to $797.00.

President Trump Tweets Warning

Gold rallied on safe-haven buying in early trading on Tuesday amid escalating concerns over ballistic missile tests by North Korea. President Trump tweeted earlier today, “North Korea is looking for trouble. If China decides to help, that would be great. If not, we will solve the problem without them! U.S.A.”

Trump also tweeted, “I explained to the President of China that a trade deal with the US will be far better for them if they solve the North Korean problem.”

The Japanese yen and Gold are benefiting from the heightened geopolitical tensions, says FXTM chief market strategist Hussein Sayed.

Sixth Attempt To Close Above Resistance

However, the analyst continued, “I’m more interested in the Gold move as it’s making a new attempt to close above the 200-day moving average. This marks the sixth attempt in a month Gold has tried to break the long-term moving average, but all were unsuccessful in closing above it. If the precious metal was successful in closing above the 200-day moving average for the day and the week, we are likely to see additional upside momentum.”

Gold has risen for four weeks in a row as inflation expectations drop from their highs earlier in the year. “The commodity rebound has been triggered by investors looking for tighter oil markets and reversing their previous negative stance toward Gold, as it becomes increasingly apparently the Fed will not be very aggressive in removing monetary accommodation,” says Bart Melek and Ryan McKay of TD Securities.

It’s important to protect your hard earned wealth during these times of economic and geopolitical uncertainty. At Tangible Investments, it doesn’t matter whether you’re new to precious metals or a seasoned veteran. You will always be dealing with top industry experts.

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