After the Gold Bear Market, Gold found a Major support @1180, where it was able to make a double bottom after bouncing from its major resistance @1425
The breakout occurs after the price broke both, the 8ma and 21ma resistances, the 8ma crosses over the 21ma, and a MACD and price positive divergence occurs, which are all bull signs.
The next Resistance will be found @1350 at the 55ma where it will make a Cup and Handle pattern and probably will start a new uptrend.
The technical conditions are set for a new gold rush, which can be fueled by fear of economic conditions like unemployment, new house price index, inflation and the shadow of a new bear market in stocks.
The breakout occurs after the price broke both, the 8ma and 21ma resistances, the 8ma crosses over the 21ma, and a MACD and price positive divergence occurs, which are all bull signs.
The next Resistance will be found @1350 at the 55ma where it will make a Cup and Handle pattern and probably will start a new uptrend.
The technical conditions are set for a new gold rush, which can be fueled by fear of economic conditions like unemployment, new house price index, inflation and the shadow of a new bear market in stocks.