Gold markets clearly broke out to the upside on Monday, clearing the resistance barrier from the last several days. Trade today: Forex Goldtrading
The shape of the candlestick is something worth paying attention to, and the fact that we closed towards the top of it does suggest that we have further to go. I think at this point time any short-term pullback is probably going to be bought into, as the market has clearly changed its attitude, at least in the short term. This is not to say that we cannot break down from here, just that we probably have plenty of people noticing this behavior.
Looking at this chart, you can see that there is a clear support level underneath at the $1780 level, which has held up quite nicely for a while. If we were to break down below there, it would change everything, but right now it does not look like we are anywhere near testing that, nor does it look like we are suddenly going to get bearish. Because of this,.
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