Is Gold getting ready for one last push higher ? Well in my opinion I think that if it respects the support levels down around 1298-1304 and the Channel support line as well.We could a strong push higher from that 61.8% level which means that the only obstacle in its way would be the T.L resistance from July 11th.Once that clears out.I expect a retest of 1374 area and then a correction lower which should follow up with a move leading Gold to new highs of 2016 (1400-1424)
Keep in mind with NFP scheduled on Friday.We could see just as easily see Gold violate and close below that 61.8% mark and the Channel support just as easily it could bounce on bad data prints.YES !! the alternate scenario changes everything which would be the start of a bearish run.
For now I stick to the idea of being long because we have enough reasons to be long on this especially if the bullish breakout presents the opportunity