Gold is pulling back on Friday as investors in the shiny metals take profits.
It’s notable that today’s weakness comes near prior highs and as price exhaustion signals come into play.
That said, today’s minor pullback hasn’t done much to damage to the uptrend. And it will take a move UNDER 1340 before one can think the near-term trend is changing.
Therefore, I think buyers will use further weakness to add to positions in gold and select mining stocks.
Gold Futures Chart
Thanks for reading.
Twitter: @MarkNewtonCMT
Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
