And above $1300
The price of gold shot up on Friday and in the process first tested the low of the near month long range at $1276 and then cracked above the near month long high at $1298.60. The pair closed above that "Red Box" that has confined the range.
Today, the price is consolidating the gains. The low did dip below the $1298.60 level on the way to the low at $1297.71, but has pushed back higher. The price is still down on the day by about -$3, but is above that "Red Box". That gives the buyers a little more control. It will take a move below the low for the day to sour the bullish bias.
The high today reache $1304.52 which is still below the high from Friday at $1305.44. The $1309.37 would be a the next topside target (June 2018 high). Above that, the May high at $1326.03 is another target. The highs from Jan 2018 and April 2018 came in at $1366. Needless to say the double top is a key level, but that is down the road.
The road ahead is simply focused on the $1297-98 area. Stay above and all is alright for the bulls/buyers. Move below and there will be some disappointment on the break out of the "Red Box".
