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Following in the footsteps of Silver, Gold broke through a key resistance level, clearing and closing above the $1630 level which had not seen a daily close above it since the 1st week in may. The breakout also came on the heels of some pre-breakout tension or pressure which led to a strong breakout bar and good close towards the high, suggesting little profit-taking.
I suspect there will be new technical models now buying the shiny metal and looking to add longs on a breakout pullback setup towards $1630 should it offer the dip. What is interesting to note is how this breakout preceded the Bernanke Jackson Hole speech next week whereby the market is waiting to hear if …... Keep reading