Gold bulls start the week with a break out!

Greetings everyone!!! Gold has broken past the recent highs at $1,288-90 area and is challenging the important resistance area of $1,300. Price has broken out and above the downward sloping trend line resistance and this is big news for bulls. Holding support at $1,276-80 area and now breaking above resistance is an important win for Gold bulls. However in order to see $1,350 and higher we need to recapture $1,300 and stay above it. Support is found at $1,288-80 area and failing to hold above it will open the way for a move towards $1,250-60.

The week has started with a  break out and we need to be patient to see if $1,300  is recaptured.

Bulls do not want to see this week close below $1,288.