All precious metals jump in early trading

New York (Apr 27)  Gold has jumped $16 to the upside at 1199.46. The 50% of the move down from the April 6 high comes in at the 1199.63 level and then there is the 1200.00 natural resistance. The high reached 1199.94. 

Earlier the precious metal moved above the 200 bar MA on the same 4-hour chart that 1187.66.  If the buyers are to push above the 1200 level look for the 38.2% to 50% Fibonacci Retracement  of the spike move higher to hold support now.   A move above the 1200/1201 level should next look toward the 1205.41 area where the high from April 22 (1204.86) and the 61.8% Fibonacci level of the move lower are found. 

Spot silver price also jumped nearly 3% to $16.29 on short-covering and heavier volume. Likewise,  platinum soared $23 to $1146, while palladium rose $9 to $785 and ounce in early trading.

Source: FOREXlive