Gold Ready to Rock or Flop
Who else is watching Gold Right Now? Quick Tea Break Analysis offers the question, are we gearing up for a rally to $1,400?
$1,307 is the numbe for me that would suggest we are on to a move higher.
Could be a nice short term trade. @rollandthomas what are your charts saying?
I dont see any clear indication either way, but you are sitting at a near term resistance which if it breaks you could always wait and buy the retest of the resistance turned support. If feeling bearish could short with a tight stop loss.
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Thanks gniksivart, I totally agree, this has been an interesting price for gold for a while now. The weekly chart looks like a reversal formation could be forming but I would need to ask the analysts about that really!
This week will be another observe and learn kind of situation until there is some more clarity.
I hear talks of $1400 quite a lot from the headlines "but we could also see $1200" and from that all I get is a long term price range really. Trend is our friend and catching the trend at the perfect point is the hardest part of trading these products.
Majority of fundamentals and analysts reports point toward the upside; catching a dip around $1290 following a break might be a low risk option