The past week started with the price retesting the asymmetric triangle formed during almost a month of consolidation to then skyrocket into a new high.
This has been a great move filling up the pockets of the ones who played the breakout. Now the question is..., where are we heading from here?
When looking at the Monthly, Weekly and Daily Gold is clearly in an uptrend with the 200, 50 and 21 MA perfectly aligned.
Price is still within the red zone which represent a strong resistance zone. A clear break above 1750$ might suggest an extension move into the mid 18 hundreds.
However a fail to close above the 1750s brigs back the possibility to target the low 1600s as the harmonic suggests.
Gold is giving out great trading opportunities have fun with it ;)
This has been a great move filling up the pockets of the ones who played the breakout. Now the question is..., where are we heading from here?
When looking at the Monthly, Weekly and Daily Gold is clearly in an uptrend with the 200, 50 and 21 MA perfectly aligned.
Price is still within the red zone which represent a strong resistance zone. A clear break above 1750$ might suggest an extension move into the mid 18 hundreds.
However a fail to close above the 1750s brigs back the possibility to target the low 1600s as the harmonic suggests.
Gold is giving out great trading opportunities have fun with it ;)