Gold Pulls Back To 1349
Jason Sen | Aug 01, 2016 09:22AM ET
Gold shot higher to 1355 on Friday and has pulled back to 1349 in the bull trend this morning. Getting a little overbought but the outlook remains positive, so any weakness is a buying opportunity. First support at 1345/44 could hold the downside, but below here a buying opportunity at 1339/38. Longs need stops below 1333. Look for the next target and buying opportunity at 1329/28.
Holding first support at 1345/44 as is very possible in the bull trend and target minor resistance at 1350 then last week's high at 1355. A break higher targets 1358/60 then 1368 and the 2016 high so far (but likely to be beaten eventually) at 1374/75.
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