Gold is at its fourth positive day in a row and, technically, we could be close to a new upside breakout. Bullion spot price is playing with the resistance mentioned in previous reports at $1,730/1,735 and is attempting to break through this level.
From a technical point of view, a close of the week above this threshold would be confirmation of the bullish environment and we could see more buyers entering the markets above there, while we would only have a weak signal only below $1,680. We are now in the upside of the lateral channel seen in the last few weeks and buyers are still very active on gold, continuing to push prices up close to the 7-year-high for bullion.
