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.
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