Gold. Break-out finally ?
Area of 1360-1370 is a long-term resistance area for gold bugs. Now, with the raising inflation and interest rates and potential for a serious stock market correction, all eyes on gold. Another week of serious jump and the questions is – will the break-out happen?
On monthly chart we can clearly see this monstrous wall that keeps the price confined for years, but if this level is crashed – then there is nothing that can keep gold down to earth.
Be careful and play with reasonable risk management approach. If the break-out won’t sustain, the decline could be sharp. I would suggest to engage in call option or bullish call spread position.
Otherwise, expect the break-out and then confirmation – it means the price won’t be pulled back below the level.
Happy trading !