Gold Prices Close Above 1900.00

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The precious metal ended Friday above the 1900 level for the first time since 2012. Price is now about $19 away from the all-time highs in 2011.

The weekly gains are also the best since March this year. The bullish momentum in gold prices are likely to keep the upside supported. But this also comes a high risk of a correction.

The sharp move in gold prices have seen little to no pullback so far.

For the moment, support is at the 1850 level, but gold prices might be able to establish a new support level closer to the 1900 mark.

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