Key Test Underway For Gold

By Staff Writer, Hedge Fund Insight

The gold price is testing the break out level of last August. For a view on potential scenarios Hedge Fund Insight asked  Klaudius Sobczyk, Managing Director of Advanced Dynamic Asset Management GmbH, an experienced watcher of gold markets. He has a different take than most on current levels. “The rest of the market wants to talk about the 1600 being significant for gold, but to me that appears to be only a weak secondary support. The key level is $1,550 per ounce.”

Source: Stockcharts .com

“Whilst a weekly break below $1,550 would be a disaster in the making for intermediate term prospects, a successful test would see a low around $1,550 on daily basis, and weekly close (well) above $1,550, ” he says.