As talked earlier gold is on an interesting point in the longtermchart.
On a shorter timescale we find a strong breakout of several resistances. On a sidenote the remakable rebound above the trendline from may last year and its retest (last black arrow).
The next thing worth noticing is the inverse Head and Shoulders pattern that just broke its nackline yesterday and confirmed my today. Sure it is not a perfect one on the 1day chart but if you use shorter timeframes it is more visible.
The head and sholders would have a potentil to lead 1850-1880. this would be claerly above the next resistance. The next logical step would be a test of the all-time-high.
The shortterm risk would be what is drawn as "Scenario2" in the chart. Nonetheless this would not really put the bullish perspective into danger - at least for now.
I add the longterm chart published earlier so you can see where the resistance comes from:
On a shorter timescale we find a strong breakout of several resistances. On a sidenote the remakable rebound above the trendline from may last year and its retest (last black arrow).
The next thing worth noticing is the inverse Head and Shoulders pattern that just broke its nackline yesterday and confirmed my today. Sure it is not a perfect one on the 1day chart but if you use shorter timeframes it is more visible.
The head and sholders would have a potentil to lead 1850-1880. this would be claerly above the next resistance. The next logical step would be a test of the all-time-high.
The shortterm risk would be what is drawn as "Scenario2" in the chart. Nonetheless this would not really put the bullish perspective into danger - at least for now.
I add the longterm chart published earlier so you can see where the resistance comes from:
Trade closed: target reached:
the target of at least 1920 was reached