Gold Surges Toward $1,300
As I highlighted Friday, Gold was surging toward the $1,300 prior price high and key target level.
Today, we’re seeing additional progress toward that key focal point.
Let’s update our charts and note the trading planning here:
Before updating our Daily Chart target planning levels, take a moment to appreciate how powerfully and persistently Gold (NYSEARCA:GLD) trended “up away from” our $1,200 target now “toward” the $1,300 level.
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Negative momentum divergences undercut the rally into $1,300 and suggest a cautious plan as we trade just under the $1,300 level.
Here’s the bigger picture from the Daily Chart:
Bullish Reversal Candles and Positive Intraday Divergences at the $1,200 level set the stage for a high-probability reversal up toward the prior high into $1,300.
So far, that’s precisely what happened as price bulldozed the short-sellers (bears) with a straight-up rally.
We’ll note the April reversal at the $1,300 level and reference it as our key target and focal point.
Whatever other strategies you’re using to trade Gold – ETFs or Futures, Intraday or Swing – be sure to incorporate $1,300 into your planning.
Get ready to trade another swing “away from” this level – logically lower or “alternate thesis” bullish breakout higher.