Monthly Chart - Gold broke out of wedge
I'm currently long on gold, that said, next few days price action will give confirmation of a push higher, or will we be going sideways on a range bound market between 1293 - 1252.
Key resistance is at 1293, if we push through this on Asia open and close above this for a couple of days, then i'd be looking for gold to be looking to reach into the 38.2% area over the coming weeks/months, which on my calcs would be between the 1375.30 and below the 1394.36 level.
With geopolitical tensions right now, such could be the catalyst for that push higher, even if it is just short lived.
Failure to break above the 1293 then gold could be short term bearish and a move back to the 1252.86 level.
I have long stop at 1280.
Price action over the first few days of this week should give some idea of where Gold may be going next.
Key resistance is at 1293, if we push through this on Asia open and close above this for a couple of days, then i'd be looking for gold to be looking to reach into the 38.2% area over the coming weeks/months, which on my calcs would be between the 1375.30 and below the 1394.36 level.
With geopolitical tensions right now, such could be the catalyst for that push higher, even if it is just short lived.
Failure to break above the 1293 then gold could be short term bearish and a move back to the 1252.86 level.
I have long stop at 1280.
Price action over the first few days of this week should give some idea of where Gold may be going next.
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