Gold Surges toward Key Prior High Target

Jun 13, 2016: 11:52 AM CST

As I highlighted Friday, Gold was surging toward the $1,300 prior price high and key target level.

Today, we’re seeing additional progress toward that key focal point.

Let’s update our charts and note the trading planning here:

Before updating our Daily Chart target planning levels, take a moment to appreciate how powerfully and persistently Gold trended “up away from” our $1,200 target now “toward” the $1,300 level.

That’s how we frame the picture and trading plans for Weekly Intermarket Strategy Report Members.

Negative momentum divergences undercut the rally into $1,300 and suggest a cautious plan as we trade just under the $1,300 level.

Here’s the bigger picture from the Daily Chart:

Bullish Reversal Candles and Positive Intraday Divergences at the $1,200 level set the stage for a high-probability reversal up toward the prior high into $1,300.

So far, that’s precisely what happened as price bulldozed the short-sellers (bears) with a straight-up rally.

We’ll note the April reversal at the $1,300 level and reference it as our key target and focal point.

Whatever other strategies you’re using to trade Gold – ETFs or Futures, Intraday or Swing – be sure to incorporate $1,300 into your planning.

Get ready to trade another swing “away from” this level – logically lower or “alternate thesis” bullish breakout higher.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

2 Comments

2 Responses to “Gold Surges toward Key Prior High Target”

  1. Gold Surges Toward $1,300 - TradingGods.net Says:

    […] By Corey Rosenbloom […]

  2. The Recent Surge of Defensive Money into Bonds and Gold | Afraid to Trade.com Blog Says:

    […] Take a moment to view our prior update on Gold “Gold Surges to Fresh New High Target.” […]