Gold: Long-Term Buy (Update)
Gold Futures, 4-Hour Chart Analysis
The precious metal has been trading in a holding pattern in recent days, since running into resistance near $1260 following the “Trump-surge”. The persistence weakness of the USD helped the metal in staying above the $1250 level, although the recovery in stocks should have weighed on the safe-haven asset.
Short- and long-term traders are still advised to hold their long positions, with stop-losses near $1230 and $1210 respectively. The MACD indicator fell back into neutral territory during the consolidation, and gold might be ready to move above the strong resistance ahead, with a declining long-term trendline still above the current rate as well, near $1275.