its a pretty incredible time for gold! no retracemement for gold come monday in my opinion. should be a straight up candle and massive rally to 1535 come end of year. closing .20 above the major resistance line, on the monthly put us in mostly open skies.. plus with the completed inverse head and shoulders formed underneath on the 11 year support line (yellow) this is a one way ticket up. Those wondering why it wasn't breaking 1370's all month it was because it was battling within a resistance/support triangle of 11 year support and 5 year resistance. The bulls won in my opinion. closed .20 above big resistance on a July monthly close! target 1535.
For your charts.
Support Line connect 7/15/2005 Low $418.2 with 10/24/2008 Low @$681 Extend Right
Resistance Line connect 9/5/2011 High $1923.70 with 10/05/2012 High @ 10/05/2012 Extend Right
For your charts.
Support Line connect 7/15/2005 Low $418.2 with 10/24/2008 Low @$681 Extend Right
Resistance Line connect 9/5/2011 High $1923.70 with 10/05/2012 High @ 10/05/2012 Extend Right
Trade active:
Trade is going good. We are fighting for a daily close above the last high. Maybe it will be the Non-farm payroll numbers this week that push us over the hump. ;)