The gold price finally pierced resistance at $1,300 on Friday, hitting a 7-month high!
Why is this important?
The $1,300 level has been pesky resistance roughly 12 times over the past 3 to 4 years. A definitive move above this price is a bullish signal that could create a little FOMO (fear of missing out) in the gold market.
It is a psychological price threshold, but also has implications for paper futures traders. The bulls are optimistic that the Federal Reserve will leave interest rates unchanged this week. The Federal Open Market Committee meeting is