Gold continues to charge towards $1200
Gold has been moving higher in a very convincing manner this week, with price breaking through the key $1165 resistance level yesterday, bringing the $1181 and $1200 targets into play. The current candle is bringing a pullback for the short-term, which could give us a good new entry for longs. As long as we do not break back below $1161, then a bullish outlook is in place.
Longs around the 61.8% and 76.4% level are interesting, but as ever it is the latter which is of most significance. Given this coincides with the key $1165 breakout level, a pullback to this level would look like a great opportunity. Whether that pullback comes or not remains to be seen and in either case a bullish view is in play unless we move back below $1161.