Gold has now broken the longer term April 2018 trend line, consolidated and now looks to push higher. We have identified a few points to note prior to taking any long position.
- Key 1240 handle reached (which also happens to be the 38.2 fib level from the Apr run) - Bear flag pattern forming indicating a potential to reverse lower (confluent with the recent DXY wedge bull breakout) - Price testing the upper resistance of flag/channel* - Price exacerbated by equity market volatility and correction