Gold extended gains to a high of $4,793 on Wednesday, as it tested resistance near the 20-day moving average for the first time since it broke below it in the first half of March. Strength during the current advance was indicated by a recovery of the 100-day moving average on Tuesday, followed by a recovery of the top boundary line of a rising trend channel. The 10-day moving average was recovered on Tuesday as well, reinforcing improving near-term momentum and setting the stage for a test of higher resistance levels. Given these signs of bullish momentum, further upside is possible as potential resistance levels are ... (full story)