Gold hits new all time highs every day
|Gold
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Gold we wrote: The bulls are unstoppable & there is almost panic buying. A break above 4151 can target 4166/4169, 4173/76 & 4181/84.
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All targets were hit with a new all time high at 4186, almost exactly at the upper target.
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Eventually we could reach as far as 4235/38.
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Severely overbought conditions concern me but at this stage I cannot even think about a short position....however I would not be surprised to see a sudden downturn, such as we experienced last week, so keep your trading under control!
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I wrote that yesterday and it still applies today.
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Yesterday we collapsed to buying opportunity at 4105/4095 & longs needed stops below 4090.
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The long worked perfectly as we caught the low of the day and shot higher from to 4090 to 4186.
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As stated above the next target is 4235/38 & above here look for 4246/49.
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Sharp pullbacks could still be expected at some point during the day in severely overbought conditions.
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Support at 4120/4110 & longs need stops below 4095.
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A break lower targets a buy opportunity at 4065/4055, with a good chance of a low for the day here but longs need stops below 4040.
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Targets: 4100, 4150, 4180.
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