Gold is extending its positive momentum following the bounce off the 1,671 support level.
Gold prices surged to a fresh seven-and-a-half-year high of 1,763.58 earlier today.
Gold is trading around the mid-Bollinger band at 1,707 after fading for nearly a month from the multi-year high of 1,746.95.
Gold prices successfully surpassed the previous high of the 1,703 strong level.
Gold’s new-found confidence today broke above the Ichimoku cloud.
Gold prices advanced to a fresh seven-and-a-half-year peak of 1,746.95 on Tuesday.
Gold appears to have found some footing at the 1,643 level from March 26.
Gold’s fresh confidence is currently pushing off the 1,607 level.
Gold found strong footing near 1,450 and the upper surface of the Ichimoku Cloud on the weekly chart and reversed north again.
The price successfully jumped above the 20- and 40-day simple moving averages (SMAs).