Gold – Clears Breakout Structure, 1300 Next Major Target (4hr chart)
As we talked about in our weekly market commentary, we discussed our bullish bias and intimated a breakout above 1250 was likely. Today Gold did just that rocketing higher on the day now up about $14 above the 1250 level.
Notice the pre-breakout formation which our course members would be familiar with.
Although I’m bullish on a ST and MT basis, I’ll be looking for pullbacks to get long as I’m expecting some profit taking to end the week. As long as we stay above 1225 on a daily closing basis, then I’m expecting higher prices and a potential challenge on 1300.
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