On Thursday, the gold futures rose to the highest mark since August 2014. The recent monetary decisions of the Federal Reserve System and the Bank of Japan supported the gold metal.
The gold futures set a new year high at the mark of 1315. After reaching the level of 1315 the quotes decreased back to 1270. The resistance is at 1315, the support is at 1280.
MACD is in a positive area, the histogram moved downwards that is a sell signal. RSI left the overbought level of 70. If the price enters the overbought area again we will see a return to the growth. The price is above Moving Averages (50, 100 and 200). The Moving Averages direction is upwards.
The Fed and BoJ decisions supported the gold. We do not see a ceiling for the gold. The metal can grow further taking into consideration the upcoming referendum in the UK. The next buyers’ targets are the marks 1315, 1330 and 1350.