The falling Dollar in 2017 helped push Gold prices back up to the $1200-1300 Oz. For the second time in 2 years the market is entertaining higher prices, and with momentum firmly upward. I would not be surprised to see a significant break above these levels.
Don't you want to wait until it breaks the multi year resistance then buy on a retracement on the good ol' support that was resistance at some point?
Seems kind of risky to place a long at resistance.
MVedra
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@Investorito, yes that could be a less risky trade. In my experience the move from a price based support/resistance (as opposed to trend line based) is fast and sudden, and it may not retrace before a large move is complete. I prefer to buy on the first major close above this level. The steadily ascending wedge gives me a little more confidence it wont fail to break this price next time!
Seems kind of risky to place a long at resistance.