Gold rose on Wednesday, rebounding from a key support level with technical momentum proving more influential than a stronger dollar and rallying stock markets.
Spot gold was up 0.2 percent at $1,226.54 per ounce at 1034 GMT.
“Gold is moving technically and is giving a very good signal after it rebounded from $1,220 levels,” ActivTrades chief analyst Carlo Alberto De Casa said.
“We are now approaching another key resistance area around $1,230 and a break above the $1,230-$1,235 will confirm an appropriate inversion for gold and it would no longer be a rebound.”
Goldplat plc (LON:GDP) is an AIM-listed, profitable gold recovery services company with two market leading operations in South Africa and Ghana. The Company also has a small gold mining and exploration portfolio in Kenya, Ghana and Burkina Faso.