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Gold continues climbing higher

Tech analysis by Simon Kazinsky on 09:30 January 18, 2017 EST

Gold trades on the second week of January well above the $1,200/oz handle.

The precious metal has seen a promising appreciation from the $1,100 handle as it found support in a long term moving average to which price was sensitive in the past hence confirming its importance.

The charts in shorter time frames show price action above moving averages too. It is possible though that a pull back occurs as gold reaches or gets close to $1,250.

For the time being it appears gold has turn the corner and faces a new bull market.