Where to next for one of this year’s best performers so far?
Gold, Gold, Gold! The commodity that hit US$1,923 an ounce in 2011 to fall to US$1,043 in 2014 has been making a comeback.Gold recently hit US$1,375.30 an ounce and has been one of the top performers this year.
Currently trading at $1333 an ounce, Gold is in a channel between support and resistance. Resistance is set at $1375.30 and support around $1312.15 with gold bugs watching closely to see if confidence is lost or regained.
It will be extremely important to see if there is a break of the resistance and continuation of the bullish state from the EMAS. Otherwise a break of the support level would indicate a loss of confidence and the EMA cross over into a bearish state would confirm that.
The gold sector has been at the top of the EquitySmart Sector scan for some time now, recently showing a 90 day change of 52%! The right tools make all the difference with success in trading and helping you take the path of least resistance.
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