Market Overview

Gold Bears Get Whacked at $1300- Bulls Need Momentum to Continue Higher:


Gold broke out through an upside resistance trend line early in yesterday's session and nearly stretched itself nearly $45 before settling in at the 1333.9 light resistance point. The market was able to trade convincingly above 1323-26.5, the major level that closing above has helped neutralize this bear market. Gold has stalled out after reaching just above the 1338 two star resistance and is seeming to consolidate after a big day to start the week after. Traders should look for solid support at the 1323-26.5 level; a close below here will be disappointing to the bull camp. The new range is now defined as 1300-1370 and we are eyeing 1313 (if the market can get here) as a great buying opportunity as it would flush out weak longs who chased the rally.

Resistance - 1333.9*, 1338**, 1351.4**, 1370.4****

Support - 1323-26.5***, 1313**, 1300***

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Commodities Economics Markets


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