GOLD climbed above the 7-day mode and spent an entire session holding above what is now key support. The upside target is for a repeat of the trading action around the mode, which provides a target as shown on the chart near the $76 level from $69 last.
An interesting note to see that GOLD is now ABOVE the last 5-times that GOLD had higher volume and an increased trading range and a downward price move. This is encouraging for long positions as it indicates the strongest sellers are no longer in control of GOLD up here. Note also that GOLD is solidly profitable with strong margins and low financial risk (low debt).
GOLD is also above its KEY HIDDEN LEVEL - QUARTERLY earnings level, which provides more confirmation of support underlying the shares.
It is fine to buy dips down to the key levels down below and place your stop 3 ATR's from 69 using the 11-day Average True Range.
An interesting note to see that GOLD is now ABOVE the last 5-times that GOLD had higher volume and an increased trading range and a downward price move. This is encouraging for long positions as it indicates the strongest sellers are no longer in control of GOLD up here. Note also that GOLD is solidly profitable with strong margins and low financial risk (low debt).
GOLD is also above its KEY HIDDEN LEVEL - QUARTERLY earnings level, which provides more confirmation of support underlying the shares.
It is fine to buy dips down to the key levels down below and place your stop 3 ATR's from 69 using the 11-day Average True Range.
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