This article was posted on Monday, 17:02, UTC.
GOLD: Long-Term Buy (Update)
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Gold Futures, 4-Hour Chart Analysis
Gold is trading in a short-term consolidation pattern after hitting the $1260 last week. The precious metal held up well amid the rebound in risk assets, as the political fears regarding Trump’s position continue to fuel demand for safe-have assets.
The metal faces multiple resistance levels, at $1260, at $1275, and near $1285 before a re-test of $1300 zone. The short-term rising trend is intact, with strong support at $1240. Short-term traders might consider raising the stop level to $1225, but our recommendation remains the $1206 level.
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Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.