Gold broke out and has closed above the 2012 downtrend ($1354) of late and price action looks fairly bullish right now

Chris Weston

Pepperstone

Gold broke out and has closed above the 2012 downtrend ($1354) of late and price action looks fairly bullish right now. Trend indicators suggest staying long; although stochastic's on the daily chart have been showing divergence with price. Naturally there will be profit taking along the way, but as long as traders are sensing concern in China, Ukraine and a few red flags in Japan then gold will stay supported as traders continue to put a percentage of their portfolio in gold as a hedge against global risks. The fact EUR/USD is above 1.39 is probably helping to a large degree as well.


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Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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