The prices of the gold are at a five month high because of the breach above the November ranges.
The DailyFX stated that it had already reported a breakout which was inevitable because the prices were testing the trendline of October.
The bottom line of the reporter stated that the opening range(monthly) will remain intact and will head into the closing of the November.
In the early week, the prices of gold rallied through the critical resistance. In doing so it took out the range highs of November on the way.
At the August 2017, the daily resistance targets are eyed which are at a low of 1252 and are also backed up by the moving average of 200 days along with the retracement of 50 percent at 1262 of the yearly range.
The invalidations of the broader bullish are now raised to 1214.
Source: Daily FX, Market News
