Finally, with silver and platinum breaking out, oil higher and the dollar selling off, gold managed to breach the 1630 resistance area yesterday and begin to move higher.
Once 1630 gave way, gold immediately jumped 8 points as a whole raft of buy stops were taken out. The price continued to rise to 1640 where the 200 DMA provided some resistance, though this is being challenged again this morning.
Although there are still many obstacles in the way, gold appears to be in the early stages of the much anticipated Wave 5 rally, though we will not have confirmation until the market breaks out of the large Wave 4 triangle, the upper boundary of which is currently at around 1655.
Today's video looks at the breakout in more detail and where we can expect to see resistance areas above.
Once 1630 gave way, gold immediately jumped 8 points as a whole raft of buy stops were taken out. The price continued to rise to 1640 where the 200 DMA provided some resistance, though this is being challenged again this morning.
Although there are still many obstacles in the way, gold appears to be in the early stages of the much anticipated Wave 5 rally, though we will not have confirmation until the market breaks out of the large Wave 4 triangle, the upper boundary of which is currently at around 1655.
Today's video looks at the breakout in more detail and where we can expect to see resistance areas above.