Gold Breakout Levels- Initial Resistance Hurdles in View
A breakout of the September opening-range takes gold to fresh record highs ahead of the Fed. The rally is trading just below parallel resistance into the start of the week with daily momentum trading just below 70- keep an eye on this.
Initial support now rests at 2524 backed by 2469- losses should be limited to this pivot zone IF price is heading higher on this stretch. Ultimately, a break below the June trendline would be needed to suggest a more significant high is in place.
A topside breach / close above the July parallel exposes the next major resistance consideration at 2643/71- look for a larger reaction there IF reached.
Michael Boutros
MBForex
Initial support now rests at 2524 backed by 2469- losses should be limited to this pivot zone IF price is heading higher on this stretch. Ultimately, a break below the June trendline would be needed to suggest a more significant high is in place.
A topside breach / close above the July parallel exposes the next major resistance consideration at 2643/71- look for a larger reaction there IF reached.
Michael Boutros
MBForex
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