Backtest and bounce from uptrend bodes well for gold bulls
Having broken to record highs on Friday and with a week to speculate on what Fed chair Jerome Powell may signal on the US rate outlook at the Jackson Hole economic symposium, the bullish breakout in gold could easily extend in the coming days.
The price action today has done nothing to undermine that view, with the price testing former channel resistance before bouncing off the level. Granted, it’s a sample size of one, but that suggests it may now act as trend support, providing a base to build bullish setups around.
Those considering longs could buy here with a stop below today’s low for protection. The first target would be the record high at $2510, although, to make the trade stack up from a risk-reward perspective, $2550-60 comes across as more appropriate target zone. The latter figure coincides with the location of a trendline established last year, making it as good a level as any when we’re facing unchartered territory.
DS
The price action today has done nothing to undermine that view, with the price testing former channel resistance before bouncing off the level. Granted, it’s a sample size of one, but that suggests it may now act as trend support, providing a base to build bullish setups around.
Those considering longs could buy here with a stop below today’s low for protection. The first target would be the record high at $2510, although, to make the trade stack up from a risk-reward perspective, $2550-60 comes across as more appropriate target zone. The latter figure coincides with the location of a trendline established last year, making it as good a level as any when we’re facing unchartered territory.
DS
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