Gold: Bulls are well-positioned to buy into weakness [Video]
|Gold
Breaking above $1577 we turned more positive on gold, but with the decisive move above $1591 resistance, we have increasing conviction. Yesterday’s closing level of $1601 was the highest close on gold since 2013 and brings the January spike high of $1611 right into focus. Our confidence levels are increased further looking at the strengthening momentum, with the RSI into the high 60s, a bull cross on MACD and Stochastics bullish into the 80s. We continue to see intraday weakness as a chance to buy and there is now a good band of support $1577/$1591. The two month uptrend comes in at $1571 today. The hourly chart shows a basis of consolidation early today, but the bulls are well-positioned to buy into weakness.
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