Gold Intra-day Breakout Smashes Through Key Level | Aug 15th
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, hence leaving the breakout players (bulls in this case) to drive the price up quickly.
I am currently long as you can see from the image below which is my actual live price action trade from the brokers chart. At the moment, I’m up +1730 pips and I’ll continue to hold, looking to add to my position on pullbacks into 1345 with stops virtually at breakeven now. Upside targets are 1390, 1420, and 1484. My bias short and medium term is bullish and am expecting a multi-week bull run. Only a daily break and close below 1275 will cancel my bullish bias as the PM has now gained 5 of the last 7 days for over $90.
Make sure to watch our latest video lesson on Intraday Price Action Trading – Breakout of Key Level
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