14 Jul 2014
Gold: Buy on pullbacks while above 1,300 - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies Forex, as long as Gold holds above 1300, the view will be bullish, looking to get long on pullbacks.
Key Quotes
"After breaking out of the key 1330 level that we talked about in our daily market commentary ahead of time, gold has been in a corrective move since then, and appears to be stabilizing above the prior resistance level. In fact, it seems to be holding just above 1333 before finding some buyers to close the week who are not worried about weekend risk (bullish sign)."
"As long as we hold above 1300, our view will be bullish, so we'll look to get long on pullbacks. My pullback levels to look for longs are between 1333 and 1324. If it breaks above the 1345 highs of last week, then 1351 and 1386 will be up next. If it breaks below the consolidation, then 1306 will be the next level bulls get in."
Key Quotes
"After breaking out of the key 1330 level that we talked about in our daily market commentary ahead of time, gold has been in a corrective move since then, and appears to be stabilizing above the prior resistance level. In fact, it seems to be holding just above 1333 before finding some buyers to close the week who are not worried about weekend risk (bullish sign)."
"As long as we hold above 1300, our view will be bullish, so we'll look to get long on pullbacks. My pullback levels to look for longs are between 1333 and 1324. If it breaks above the 1345 highs of last week, then 1351 and 1386 will be up next. If it breaks below the consolidation, then 1306 will be the next level bulls get in."