Gold Bulls Start Week With A Break Out
Alexandros Yfantis | May 13, 2019 07:12PM ET
Greetings everyone!
Gold has broken past the recent highs at the $1,288-90 area and is challenging the important resistance area of $1,300. Price has broken out and above the downward sloping trend line resistance and this is big news for bulls. Holding support at $1,276-80 area and now breaking above resistance is an important win for gold bulls. However in order to see $1,350 and higher, we need to recapture $1,300 and stay above it. Support is found at the $1,288-80 area and failing to hold above it will open the way for a move toward $1,250-60.
The week has started with a break out and we need to be patient to see if $1,300 is recaptured.
Bulls do not want to see this week close below $1,288.
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