Gold Tries To Go Higher

Gold opened higher in today's early trading hours before the European session. The precious metal has now reached a high of $1,235 as an intraday high and is now trading slightly below at $1,234. Main trend on the short-term remains bullish due to the green light given by the Fed. The rate hike turned out to be very beneficial for Gold, as well as Silver, and now the metals rally.

A correction might be expected around $1,243. If that level is taken over, the latest top at $1,262 becomes a target and also a mid-term resistance level. The bulls will need to push above the 200SMA that falls around $1,260 if they want to conquer higher levels.

Bears, on the other side, have a first target of $1,214, second target is seen at $1,190 and major bear target is expected at $1,145.

Chart: XAU/USD D1