Global macro overview for 13/04/2016:
Gold prices continue rallying higher, posting their largest gain in 30 years. The increased fueled gold stocks' buying frenzy. The classic risk-off pattern seems to be present on the financial markets since the beginning of the week as rumors about the secret special meeting between Janet Yellen and President Obama have attracted attention of gold traders. Moreover, gold prices are benefiting from weaker US dollar. In conclusion, the flight for safety continues as the gold prices increased ahead of the next Fed meeting.
Let's now take a look at the gold technical picture in the daily time frame. A clear and impulsive rally from the level of 1,046 has been capped 250 dollars higher and now the level of 1,283 will be the most important resistance for bulls. The bears might change the current bullish outlook for their favor only if they bring the price down towards the level of 1,191 and break it. Otherwise, higher prices are expected.
