$1300 Level Key For Gold

Despite an impressive run higher, the $1300 per ounce level remains the sticking point for gold. The failure to take out this key level has resulted in a candle with a deep upper wick on the weekly chart and this week’s price action also failing thus far to gain any traction.

From a trading perspective, the precious metal offers some great opportunities but for investors, patience is now required as we wait to see whether this pullback is merely a pause point and reflects a degree of profit taking or is perhaps the start of a deeper move lower. The good news for gold bulls is there is a significant support platform in the $1275 per ounce region but as I have mentioned and written in a previous post bullish momentum cannot continue without a solid break of the $1300 per ounce handle.

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Disclaimer: Futures, stocks, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in ...

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