Gold At Potential BreakOut Level
Good Evening Traders,
It's always nice to have a solid move after an inside bar and that's exactly what we got today with Gold . Gold closed the day up 6.3 points to close out at 1262.9. After trading sideways for 7 days, including that inside day yesterday, the precious metal was able to finally push up past the inner Bolling Band. In addition, the Stoch RSI is at the cusp of breaking above the 20 line, which would be a significant harbinger of the start of a new cycle to the upside.
There is now significant room to above for Gold to make it's way to the BB midline @ 1290.90. And while that level may show some resistance, I think it would be more likely that price would continue on to the 23% fib retracement level @ 1300. Let's see what tomorrow brings and if we do have another up day, I will be moving my protective stop up as well.
Safe Trading and Protect your Profits!