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16 Oct 2014
Gold has impressive bull run - 2ndSkies
FXStreet (Bali) - After the impressive run to the upside, Chris Capre, Founder at 2ndSkies, is now looking to get long Gold on a corrective pullback, targeting the 1249 ST resistance, 1257 and 1270.
Key Quotes
"After being left for dead and people calling for its head, the price action in Gold has impressed to dress lately, bouncing over $60 off the 1182 lows."
"Looking at the 1hr chart below, we can see a large consolidation between 1236 and 1221 since Oct. 8th which just folded today."
"Short term the PM is bullish, with an aggressive pullback level around 1237 and a deeper pullback level around 1223."
"I'll be looking to get long at one of these levels on a corrective pullback, targeting the 1249 ST resistance, looking for a deeper move higher towards 1257 and 1270."
Key Quotes
"After being left for dead and people calling for its head, the price action in Gold has impressed to dress lately, bouncing over $60 off the 1182 lows."
"Looking at the 1hr chart below, we can see a large consolidation between 1236 and 1221 since Oct. 8th which just folded today."
"Short term the PM is bullish, with an aggressive pullback level around 1237 and a deeper pullback level around 1223."
"I'll be looking to get long at one of these levels on a corrective pullback, targeting the 1249 ST resistance, looking for a deeper move higher towards 1257 and 1270."