Gold Breaks Out

Pardon noting this a day late. Gold broke out of its consolidation Tuesday and followed that move up today with a small gain. Previously, gold attempted new highs, only to pull back and continue consolidating.
Tuesday’s move higher was a clear cut break out. Gold finished at the top of its range in a big, convincing mover to fresh highs. It looks to me like it wants to get moving. How high can it go is anyone’s guess, but $1,500 looks reasonable. For quite a while now, long before this break out, many analysts have suggested it will go to $2,000. This doesn’t seem so outlandish anymore.

I just keep up with price and volume action to gauge whether or not to keep a stock or commodity, but round numbers are psychological levels that often act as magnets when a stock or commodity is on a momentum move.
I’d aggressively buy gold on any slight pullbacks right now, with a reasonable stop in place.