Gold News: Bounce Confirming New Support Level

gold chart
Written by Mike Hammer
Gold bugs hope that gold’s recent run means it’s back above 1300 to stay.  But how can we tell?  Well in trading you can never be sure, everything is probabilistic rather than deterministic – meaning uncertain rather than “for sure.”  So what we do is watch for things that have proven more-reliable-than-not in the past to start piling up.  One such thing is a start, 5 such things means, “pretty darn sure.”
So the big thing we’ve been watching for is gold bouncing off 1300.  Since gold went up through resistance at 1285 it didn’t really stop for long at 1300 – only one NY close in fact.  So technicians really wanted to see a bounce off 1300 to confirm that 1300 is at least offering some support.
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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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