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Faraday: Gold looking very attractive

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Thomas Light from Faraday Research believes the weaker US dollar combined with the uncertainty in Greece is making gold look very attractive.

Looking at the spot gold market on the daily candle chart, Light says that last week’s price action was very significant. The market spent the first half of the week in an ever-tightening trading range as volatility contracted. That came to an end on Thursday when prices broke decisively higher, indicating that the market is now in range expansion mode.

Light is now anticipating a trending move to the upside and is looking to trade that.  His stops go below Friday's flag range at USD 1189 with profit targets coming in at the USD 1230 highs.