Gold Broke Out But Will It Hold?

Gold broke out of its downtrending channel this week. Today’s small pull back has not created any damage yet. However, the price of gold should not correct more in order to confirm is breakout.

The GLD daily price chart shows the breakout at 116. Support should hold at 116, a level it touched today at the end of the trading session. The coming days will be important for gold.

gold_daily_8_January_2015

 

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