Gold breakout targets?

Gold has made a strong rebound from the 200dma earlier this month. The 200dma also resided at the 38% retracement of the October range which acted as major support. Because the retracement was so shallow, while the gold market trades above 2010 (bulls probably are watching the 2K level specifically) the risk is for a move higher towards the 127% extension at 2035, then the 161% extension at 2064.

Blake Morrow

Our EDGE “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.

Blake Morrow