Gold rises for second day after holding support at $1300

Technical Analysis

Gold continues to look healthy

Gold was hit by the usual slump early in the week of Chinese lunar new year. I talked about that pattern last week and it’s played out as expected.

Now risk aversion is ramping back up and that’s what fueled much of the rally late in 2018. Problems in US-China negotiations could also add a tailwind.

Technically, the small retracement this week held $1300, which was the old breakout level. It will need to get above $1326 to continue the uptrend but the solid bids appearing well-before $1300 are constructive.

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