Gold: Long-Term Buy (Update)
Gold, 4-Hour Chart Analysis
Gold has been steadily rising since our recommendation and it surged higher today in the wake of the Comey-scandal. It is now well above the $1240 resistance, while also being back in the prior rising trend channel, trading just below the key $1260 resistance level.
Short-term traders are advised to cut their positions during today’s strength, and place the stop loss higher. Our initial stop-loss recommendation is also pulled higher now, slightly below the $1210 level. The MACD indicator remains bullish, although a pull-back towards $1240 is still in the cards, with a declining long-term trend-line still posing as resistance just above $1270.