Goldman On Gold - "This Is A Very Important Level To Watch"

Yesterday's apparent Yellen un-taper-driven strength in gold broke some key technical levels and Goldman Sachs sees upside.

 

Via Goldman Sachs,

Gold has finally spiked higher above notable pivot resistance 1,268-1,279 where the market had stalled since late-January.

The area encompasses a number of previous highs/lows since Aug. ’13 as well as the 100-dma. This has opened up risks to the 200-dma at 1,306).

To put things into context, the market has not been above this particular moving average since Feb. 8th last year (just over a year ago).

 

In short, it will be a very important level to watch how price action develops around it.