Gold Rallies to New 11-Month Highs as US Consumer Sentiment Disappoints

From fxdailyreport.com

The gold price on Friday extended gains to a new 11-month high of about $1,968 following the latest round of US data. The price of the yellow metal appears to have spiked to complete an upward breakout from an ascending channel formation. Gold is now trading several levels above the 100-hour moving average line. As a result, the yellow metal has now advanced to trade deep into the overbought levels of the 14-hour RSI. Gold Price Fundamentals Overview From a fundamental perspective, the gold price appears to be benefitting from the latest round of US data. On Friday, the preliminary Michigan Consumer Sentiment Index ... (full story)