Gold get through target! next stop $1550? Pullback first...

Gold has taken a shine to the holidays, while equities were strong, gold was not shy on the upside in the slightest. We were targetting the next resistance level at $1543 then $1550 ultimately. However on the rise up we saw that the volume through resistance levels was pretty weak so that cements our pullback idea a little more. The drop could bring price down to two main levels, based on the current $1530 stall area and $1543 resistance.

The first pullback area is $1510-1512 based on fibs and also the market structure impulse support. This is the more likely scenario of the two.

The next pullback level is at $1500-$1505 this is a little less likely, based on the cluster of fib levels. Ultimately we expect the upside to continue throughout the beginning of the year.

We are looking for a short term short idea, while a medium-term move higher on the commodity.

This idea is for educational purposes, it does not constitute as investment or trading advice. TRADEPRO Academy is not responsible for any market activity.