Gold

GOLD - $1325 Next?

 
Updated 3 months ago

Our last GOLD article was indeed a failure as the metal absolutely blew through the $1265 mark with little to no remorse. Price accelerated for 6 days in a row once $1265 had been cleared, the next take profit level is $1325.

The last two weekly closures have been extremely bullish & there is a high likelihood of a third bullish week. Further chart studies directed towards the monthly closure of December display a solid bullish continuation pattern which will potentially lead the metal into to a bullish January.

Furthermore, if the major weekly key level of $1325 gives way, and the GOLD rally continues then $1350 Monthly resistance is the next key magnetic zone. The USD Index is fulfilling December analysis with new lows into the 90.00 regions... is pushing the majors higher. The weaker dollar reflects a slump in Treasury yields and weaker demand for dollar funding globally.

 

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