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Breakout Opportunities In Gold
The current price action in gold is attracting my attention. The rally off the 1763.88 level has seen price breaking out above the bear channel top with price now sitting just shy of a test of the 1826.71 level. This is a key resistance level in gold and a beak above here will see bulls targeting 1871.04 next. With both MACD and RSI giving bullish signals here, and with the retail community around 70% short, there is plenty of room for a breakout higher if we breach that level. USD has been a little softer following last week’s FOMC and jobs data and any further downside this week would likely provide the catalyst ... (full story)
