just broke out of an 11-month long trendline
. Right now Gold
is testing the important $1,300 level. If the current level is not broken, then Gold
would create a double top
pattern which would push it lower, back down towards the recently broken trend line
Momentum right now is bullish
on the yellow metal, but as I stated above, it could find resistance at the current levels.
The $1,300 level is crucial at present time, but if Gold
finds the strength it needs to break it this week, then a very strong bullish
run could be expected.