Loading ...Gold Weekly
1200 then 1180 are strong support / backtest areas
If we go there and hold for a new Higher Low that would be splendid
1180 is likely important
The BIG smash in Spring 2013 stopped at 1180
and it has had multiple touches (its magnetic)
Not predicting these get tested but if you are a Bull be mentally prepared
This is currently my thinking fully. I believe the 2 pm report will not be kind to Gold and the markets equally.
I find simple is better. This is a very simple clean chart. To me it shows very simple well defined bullishness in that the price needs to take a break to gather cause for a higher move. If it can do it while nested as it is and stay above the triangle its a very bullish case.
Looking further at my chart below we will need it to turn the stochastics back up. It will take a bit more time to do this but if it can the move up can resume:
https://stockcharts.com/h-sc/ui?s=%24GOLD#