Gold is right now at a key decision point and if it breaks they key level at $1350, bulls may be able to take control and push the price of gold much higher.
As subscribers to my trade alerts will know, I have been quite bearish on gold for some time. However, as good traders we need to re-evaluate our opinions all the time and be prepared to change our minds when the facts change. If the market tells us we are wrong, we need to admit we’re wrong and change direction.
So the key levels to watch is $1350 and $1375. Gold is right now hitting resistance at $1350 which is the 50 Day Moving Average (shown in white in the video). This is also a level of resistance due to the downward trendline (shown in red).
If gold can close above $1350 and $1375 (which is the highs gold made after the “no taper” news from the Fed) we could see gold taking out its August highs. At this point bulls may take control and push gold to higher levels such as $1500 and maybe even $1600.