Market Focus: Gold Recap
Gold higher for a 5th straight session, trade tensions continue to drive buying post-breakout.
Traders, today we recap the written report we did last week when gold was starting to break out of its triangle consolidation pattern. Recent trade tensions between China and the U.S. and to a lesser degree Australia have maintained a constant healthy drive in buyer momentum. Last week gold ended the week with a 2.27% gain. This week so far we’ve seen a further 1.19% gained.
Technically, we can start to look at a measured move now price has broken out. The pattern width was around 5%, that points to a target area of around 1800, a level not seen since 2011. Whether we get up there or not could depend on how the trade tensions continue between the U.S and China.
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