Gold Breaks Out Above Recent Resistance

international gold

Source: Shutterstock.com/g/strelok

Gold broke above recent resistance Friday with a strong move to the 1300 level (international price in USD).  That move was followed up at the start of the new week with a strong move above 1300.  The chart of GLD, the world’s largest gold trading fund, clearly shows this move – and also what it might mean.

GE GLD 1yr chart(credit Fidelity.com)

We’ve drawn a red line at the level of prior resistance.  You can clearly see the strength of the last two trading days as they break up through this level.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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