TradingGods.net

Gold Surges Toward $1,300

As I highlighted Friday, Gold was surging toward the $1,300 prior price high and key target level.

 

By Corey Rosenbloom

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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That’s how we frame the picture and trading plans for Weekly Intermarket Strategy Report Members.

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.