Bullish above 1830 with targets above being 1842, 1847 and above that 1851
Bearish below 1830 with targets being 1824, 1820 and below that 1814
Summary:
Another bullish day on Gold leaving us an engulfing daily candle which has broken the long term range to the upside. Support stands around the 1830-35 previous resistance level which has acted as a strong zone in the past. We’re in the trend and there is room to the upside, we would however say trade these longs from lower support regions. There is every possibility this could be a pump and dump on Gold and Silver and they take this back into that previous range in preparation for FOMC next week.