Loading ...Breakout !
I doubted it would happen on this attempt. It may be the continuing weakening dollar/strong yen and events in the Middle East (Qatar), but whatever it is, gold has broken out of it’s bullish symmetrical triangle. Three scenarios going forwards ….
- ) False breakout, and we sink back into the triangle – very bearish
- ) Return for a backtest of the breakout (maybe after temporary resistance at $1300), then up and away – very bullish
- ) Up and away with no looking back – very bullish.
Some charts to ponder…
And a reminder of that cycle chart that someone posted a while back (sorry I can’t remember who)
So far, so good.
Nice chart. I believe once broken on a monthly basis, target will be up to $1700. I look at head and shoulder in gold chart and use this as objective for target price.
Absolutely Alex. The $1500 region is really just the first/next big target. New chart patterns will also develop on the way there that will give clues as to where we go after $1500 (hopefully confirming your $1700). I reckon once we start moving into a pattern that is undeniably bullish things will move more quickly.