Gold: Gathering energy for its next move!

COMEX:GC1!   Gold Futures
When panic takes over the market, gold is frequently the flight to safety commodity. Why? Something about the currency of a post-apocalyptic world being gold and guns. We certainly saw that flight to gold in this most recent market sell-off and despite the sharp rally we've seen in the S&P , gold has been reluctant to lose value.

I've highlighted a bullish pennant on the hourly chart with a daily chart just below it to give context of where we are coming from. Fundamentally and technically, buying gold on a break of its top pennant trendline makes sense. The move measures up to $1318.

Buy gold on an upside trendline break
Target: $1318
Stop: $1282
Comment: The price is still being controlled by the top line here. However, my guess is that this breaks on the next move up.
Comment: This is likely to trigger today.
Agreed. It just started.

Tomorrow 1/11/2019 the stocks market should be down but gold should be up.
+1 Reply
Thanks for the excellent update!
+1 Reply
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