$GOLD Breaking Out

We’ve been pointing out for several weeks the gold chart below, where we had two levels of resistance, a confluence of levels, that if breached could lend itself to higher highs. I’ve located several areas of resistance that have been surpassed as the metal moves to the next levels. $1800 and $1850 were the first two areas, which now will become support, $1900 was the next level which gold managed to get above as well. Last week I noted, “The next areas are $1920 and $1960.” This has played out and the weekly RSI is only at 58.78. It could move lower, but it does have good momentum at the moment. If this can continue to $1960 and then $2000 which will light up the headlines at all levels of media.   

 

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