Gold is continuing its solid run from late December and is up by nearly 1% today, rising to near four-month highs. Price is now looking towards the late August and early September high @ $1,557.11 and a break above that could trigger further stops on the way up.
I don't think I need to point out in every post the attractiveness of gold during this time of the year due to seasonal patterns.\
Despite the more positive risk mood in equities yesterday, gold still managed to keep with gains to start the year. And now that there's a good chance of equities seeing some form of retracement, it'll only help to fuel the run higher in gold based off fundamentals.
And technically, if gold clears the $1,557.11 level, it could make headway towards $1,600 next on seasonal demand as well as other factors falling right into place.
Trade closed: target reached
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Target reached at 1600. Congratulations for those who following me.