$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.
(Click on image to enlarge)
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