Gold shoots up

Gold had been stuck around the 200 day EMA, consolidating around that zone without taking a clear direction during the past few weeks. The 200 day EMA is currently around the 1232 level, but the price may try to reach the 1266 level, which could act as resistance. The 55 day EMA (purple line) has changed direction to the upside and the angle of inclination is showing us that the bullish trend may be gaining some strength. If the risk aversion continues threatening the markets, then the price of gold may continue higher towards the 1266 level. On the other hand, gold may try to correct towards the 200 day EMA in case of a pullback, which could act as support. But we must be aware that if the 55 day EMA crosses above the 200 day EMA, then the price of gold may continue all the way to the 1300 level.