Gold Trading Update: At Resistance, Watching For Breakout

The price of gold has stair-stepped its way higher over the past 10 weeks. Global uncertainty and a US Dollar pullback have been tailwinds.

Gold futures closed above our MFU-2 level ($1850), which is positive, and is now at the upper end of the MOB band price target zone.

This could prove to be minor resistance so we should pay attention here.

Further strength from here would confirm the bullish trend and put our MFU-3 target on the radar ($1960).

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Gold Futures Chart

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Twitter: @GuyCerundolo

The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.