Gold has been trading in a very narrow range recently. The stock markets may have rallied strongly but the price of gold has generally held firm and continues to trade close to it’s 200-day EMA (Exponential Moving Average) and in a range between around $880 and $920.

However, as Adam Hewison points out in his latest trading video, the price of gold may be preparing to break upwards out of this tight trading range. Using a range of indicators along with Marketclub’s trade triangle technology, he is predicting that the price may be about to head towards the $960-$1000 range.

I personally think he may be right as well because the Supertrend indicator, which is one I personally use a lot, is green, ie bullish, on both the daily and weekly charts, which is always a positive sign.

Anyway if you would like to hear Adam’s argument and make up your own mind, I can highly recommend that you watch this video because it does contain some excellent information.

 

 

Filed under: Commodities

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