Gold markets have been on a tear lately, and I think that this is going to continue to be the case over the next several sessions. However, it is possible that the $1250 level will continue to be a bit of a hurdle, but longer-term I think it is only a matter of time before the bulls take over again.
Risk 0.5%
Trade can be taken any time.
Long Trade 1:
Buy gold at $1251
Stop loss at $1245
Take profit at $1275
Today’s Gold Forecast
The gold markets are finding buyers every time they dip, so I look at all pull backs as potential value currently. Someone recently asked about selling gold, and I replied “I don’t even have a scenario where that happens.” I believe that we are going to continue to see buying pressure. The $1250 level is important, but it will also give way.
There are no announcements today that I am concerned with.
