Gold Closes Above $1400 Key Level | Aug. 26th

Spot Gold – First Close Above 1400 Since June
For the first time in over 2.5 months, Gold has closed above the 1400 key level after a brief consolidation to start the week. Although there was a brief pop above 1406 at the market open, the PM has yet to trade above it, but is looking quite bullish. The range lows for the last 24hrs were around 1392, so intra-day pullbacks to this level are potential buying opportunities. Deeper pullbacks towards 1384 also become a level to buy as the PM is looking continually underpinned. Upside targets remain firm at 1418, 1481 and 1533, so plenty of upside and opportunities to trade with the trend as we are all bullish on the precious metal for now, still holding our long for now +5360 pips.

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