Bullish Ascending Triangle - Near Breakout Territory
Higher lows in recent swings show bullish consolidation and formation of an ascending triangle which could also be interpreted as a bull flag nearing the breakout zone.
This next test of a strong resistance around 1730 level will be very informative of the future direction of gold. I expect if price rejects this level a third time (triple top) it will break lower and re-test the 1680 level but remain bullish overall. If price breaks higher than recent tops around 1735-1740, we could see a breakout and run up to 2012 highs, around 1770-1790. I suspect the latter more likely, as outlined on the chart.
Overall, near term fundamentals and technicals remain pretty bullish on gold.
What are your thoughts?
This next test of a strong resistance around 1730 level will be very informative of the future direction of gold. I expect if price rejects this level a third time (triple top) it will break lower and re-test the 1680 level but remain bullish overall. If price breaks higher than recent tops around 1735-1740, we could see a breakout and run up to 2012 highs, around 1770-1790. I suspect the latter more likely, as outlined on the chart.
Overall, near term fundamentals and technicals remain pretty bullish on gold.
What are your thoughts?