As you can see, the previous triangle was broken on the upside, this was followed buy an uptrend that saw the gold prices rocket to 1611. The prices have since been traded in another shorter triangle that was once again broken on the upside, the first daily candle closing above it and the second daily candle failing to close below the line ( back inside the triangle ). This to me serves as a confirmation that the bullish trend has now started. In a few days, the price will go to 1590 where there will be resistance, but should that resistance be broken, I foresee prices going above 1611 ( last high ) and probably settle around 1650.
Comment:
So Far so good, last time prices were this high was in march 2013. if it breaks this zone on the upside, we will see the likes of 1650 to 1660 in no time.
Trade active:
from 1581 to 1645, it is an increase of 64 usd of the price, we are now 5 usd from our primary target, but expect them to be reached by day end.