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Gold continues to oscillate within a large triangle pattern, with solid support at 1705 and for now unable to break above 1760. We still expect a resolution to the upside and remain flat awaiting a break of the triangle pattern.
A break of support at 1705 will precipitate a strong sell off.
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Gold sold off to the bottom boundary of the triangle pattern we have been watching and reversed strongly from that level. We anticipate a break out to the upside from the triangle pattern very shortly and await this move to enter the market.
Gold continues to oscillate in the Wave 4 triangle pattern which should resolve to the upside shortly. After failing to break through the top boundary of the triangle yesterday we closed our position for a small $10 profit.
The market sold off but is well supported above 1700. We are confident that the market will soon move up above 1800. Gold is consolidating above 1740 and our view is that a move higher from here is the most likely outcome. We will look to trail our stop higher with the market and lock in gains, our first target is 1800 then 1850.
Gold spent a day consolidating yesterday, any price dips were well bought and the market looks ready to move upwards from here. We will look to move our stop up on a move higher, our targets are 1800 and 1850.
After yesterday's liquidity-inducd melt up in almost all commodities and stocks, things are a bit quieter this morning, however prices have held up near the highs of yesterday and are most probably consolidating before moving higher still.
We are long from 1740 with a stop at 1702, first target is the resistance area at 1800, then 1850. |
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