Gold had a recent correction, that have caused most traders to speculate that the Gold may continue to go lower. The opposing view says it may go higher as geopolitical concerns in ALL MAJOR CURRENCIES cause Gold to be a safe haven in the eyes of investors.
Gold is breaking out to new highs after a period of consolidation over the end of September through mid October. Moving Averages are turning bullish with higher price action. Although this is a technical breakout, it is has a lower probability of success. Breakouts into NEW HIGHS are the most robust and successful.
Taking this trade with this probability can still be sucessful, risk and position size will be minimal as this breakout could follow through into a potential trend.
