$1300 level key for gold

Despite an impressive run higher, the $1300 per ounce level remains the sticking point for gold. The failure to take out this key level has resulted in a candle with a deep upper wick on the weekly chart and this week’s price action also failing thus far to gain any traction.

From a trading perspective, the precious metal offers some great opportunities but for investors, patience is now required as we wait to see whether this pullback is merely a pause point and reflects a degree of profit taking or is perhaps the start of a deeper move lower. The good news for gold bulls is there is a significant support platform in the $1275 per ounce region but as I have mentioned and written in a previous post bullish momentum cannot continue without a solid break of the $1300 per ounce handle.

By Anna Coulling

About Anna 2016 Articles
Hi – my name is Anna Coulling and I am a full time currency, commodities and equities trader. I have been involved in both trading and investing for over fifteen years and have traded many different financial instruments, from options and futures to stocks and commodities. I write and publish articles ( mostly for free ) for UK and international publications on a wide variety of financial issues, and in particular I enjoy helping others learn how to invest and trade.

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