Spot Gold – Takes Out Stops Above Key Level
For over a month now we’ve been talking about talking about Gold bottoming which you can read about here & here, along with Silver bottoming as well. Most recently on August 13th we suggested buying off the daily 20ema, and the precious metal has not disappointed, launching almost $50 since then.
Today was the big day as the PM cleared the critical key level at 1345 which was the July swing highs. The intra-day breakout likely tripped up stops there as it jumped over $18 in 5 minutes. Usually large price jumps like this are due to stops being tripped. This leads to little liquidity being available above the breakout level, …... Keep reading