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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Gold defies gravity as new highs are reached

Article By: ,  Financial Analyst
September 30, 2010 4:11 PM

Gold continues to climb higher, to trade above the key $1300 level. Whilst some analysts are calling for the metal to reach $1500, the commodity based on the December contract may find technical resistance at $1330 per troy ounce.

The daily chart shows a clear uptrend from the July $1159 low to gain +13.41% at the new high. The hourly chart shows a thrust higher with a consolidation pattern for the short term.

A break above $1313 could signal a further thrust towards $1319 – $1330 but if the metal fails to break higher and instead trades below $1305 then we may see a pullback towards $1285 for the near term support base.

Parabolic moves as we are now seeing can be considered as a strong trend but sharp reversals can be expected if sudden volatility breaks below support levels.

Source: City Index Trading Platform

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