Spot gold is holding its recent gains exceptionally well and in fact looks like it is either carving out a high-level bullish consolidation area between $1340 and $1325 OR has already completed a minor pullback from earlier Tuesday at $1326.55 and embarked on a new up-leg.
That up-leg would project next to my optional target zone off of the “concentric bottoms” (see chart) at $1355/60.
Only a sudden decline that breaks and sustains beneath $1325 will indicate that all of the action off of Monday’s high at $1339.88 represents a complex correction that could revisit the $300 June-July support zone prior to a resumption of strength.
Originally published on MPTrader.com.
