Gold continues to impress. After breaking out by slicing through both key resistance at $1,377 per ounce and a 6-year high of $1,399 per ounce, the Midas metal has hardly backed off at all. Instead, it appears to be consolidating for a move higher by chopping sideways as it works off the severely-overbought conditions caused by its powerful, late-June rally. Key resistance at $1,377 is now key support, although gold could decline as low as $1,350 per ounce without severely damaging its bullish outlook. Our second upside objective of $1,500 per ounce is now definitely in play.
Data source: Reuters