Keep buying gold as long as it’s above this key level, says brokerage founder
Gold has stumbled during the past month, but that hasn’t made me any less bullish on the precious metal.
The commodity has quietly fallen off the radar as it slipped by as much as 5 percent from its peak one month ago.
I view this move differently from the rest of the market.
Instead of a bearish trend, gold has built a constructive chart pattern above the psychological $1,300 mark. The 10 percent spike through December and January has allowed the consolidation over the last 90 days to build a longer-term bull-flag.
At its highs, gold was overbought and the long trade was overcrowded. This minor correction has relieved both of these technical indicators…