Gold Trade Breaks Through Key Channel Top, Up +5500 Pips | Feb 13th
Spot Gold – Closed Above Key Bull Channel
Gold today has taken out a major technical barrier, closing above the large channel which dominated and contained the price action since Jan 6th. This should shift technical sentiment more bullish, not only confirming the 1178 base and double bottom, but also changing the medium term trend towards the upside.
We talked about our gold trade on Jan 31st is now up over +5500 pips, with +3300 locked in (or +7.3R). Traders currently not long can look for corrective pullbacks towards 1285/88 to get long. A daily close below 1283 will likely signal a pullback before bulls step in to push the pair higher. Upside targets are 1306/09, and 1345/53
Don’t forget to check out our article on Cultures of Expertise in the Global FX Markets
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