Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Gold Intra-day Breakout Smashes Through Key Level

BySecond Skies
AuthorChris Capre
Published 08/18/2013, 04:18 AM
Updated 05/14/2017, 06:45 AM
Spot Gold – Takes Out Stops Above Key Level

For over a month now we’ve been talking about talking about Gold bottoming which you can read about here & here, along with Silver bottoming as well. Most recently on August 13th we suggested buying off the daily 20ema, and the precious metal has not disappointed, launching almost $50 since then.

Today was the big day as the PM cleared the critical key level at 1345 which was the July swing highs. The intra-day breakout likely tripped up stops there as it jumped over $18 in 5 minutes. Usually large price jumps like this are due to stops being tripped. This leads to little liquidity being available above the breakout level, hence leaving the breakout players (bulls in this case) to drive the price up quickly.

I am currently long as you can see from the image below which is my actual live price action trade from the brokers chart. At the moment, I’m up +1730 pips and I’ll continue to hold, looking to add to my position on pullbacks into 1345 with stops virtually at breakeven now. Upside targets are 1390, 1420, and 1484. My bias short and medium term is bullish and am expecting a multi-week bull run. Only a daily break and close below 1275 will cancel my bullish bias as the PM has now gained 5 of the last 7 days for over $90.

Live Price Action Breakout Trade Gold 5m Chart
Gold 5m Chart
Gold Daily Chart
Gold Daily
Original post

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.