11/25/2014 9:21am CST
In the early morning trade, February gold is currently trading up $3 at $1,200.1 a troy ounce. The shiny one has enjoyed a very short-term rally recently due to the pull back in the US dollar, talks of Chinese interest rate cuts, and reports of solid Chinese gold demand, which news suggest that China's central bank will boost its gold reserve up to 8,500 tons. Furthermore, news that Russia has been purchasing gold at a record pace has also helped to lift this market off its recent lows of $1,132.0 on November 7th.
As we look at a daily February gold chart, let's keep it simple. If gold breaks last week's high of $1,208.2 and holds it, then the shiny one can gets some more buying momentum to bring the market up to $1,235.0-$1255.0. However, if this level fails to hold, then look for a retest of $1,132.0, which is the monthly low.
If you'd like to learn more about futures trading or the metals market specifically, please contact Nick DeGeorge at 312-373-5316 or firstname.lastname@example.org.
Feb '15 Gold Daily Chart
Source: RJO Futures PRO