We have commented over the past couple of days that the momentum appeared to be slowly moving back into the bull camp, even though we are still in a 3 month old down trend. If gold can sustain the break of the triangle to the upside, our interpretation will be confirmed and the down trend will be broken.
It is crucial that gold holds onto these gains and closes above the upper boundary of the triangle - should this happen as we expect, 1694 is the next price target, followed by 1703. If the market can break this resistance area and move higher, the Wave C bottom will be confirmed at 1625.
For our subscribers at www.goldtradingexperts.com, today's video looks at the triangle consolidation in more detail and the signs that momentum is moving to the bulls camp.