Technician

Gold: Breakout Very Close

FX:XAUUSD   Gold/U.S. Dollar
629 16 5
Gold             has taken 1270.00 reistsance, by re-assesing the weekly and daily chart I look for:
A Weekly closing above 1270 is necessary to confirm a possible leg higher OR a multi-day closing above the new upward slopping neckline for the inverted head and shoulders. That would open the door for further potential gains over the coming weeks. Upside targets start at 1360.

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NizarRahalii
2 years ago
great job Mr hawkeye :)
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Technician TOP NizarRahalii
2 years ago
haha, thanks for mr new great contributor
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Technician TOP NizarRahalii
2 years ago
Please follow me @ https://twitter.com/FxInstinct
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thatguy Technician
2 years ago
Done... appreciate your work... any chance you could have a squiz @ PALL?
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Technician TOP thatguy
2 years ago
a squiz @ PALL? what does that mean?
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thatguy Technician
2 years ago
Please accept my apologies... I meant could you please have a look at palladium and any advice on how to trade it At the moment would be kindly appreciated :)
Palladium
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Technician TOP thatguy
2 years ago
what is ur time horizon?
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thatguy Technician
2 years ago
Unsure, I usually only concentrate on gold, silver and copper... but with all the coiling going on I keep being drawn back to this setup. I seem to be biased towards the long side. I would assume a break of 750 and it's on?? Seems like a nice opportunity.
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Technician TOP thatguy
2 years ago
well, its actually stuck in a trading range. Now its struggling at 717-718 resistance, for me to be more positive i would wait for clear daily closing above 718
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thatguy Technician
2 years ago
Thanx will keep that in mind. Gold seems to be travelling nicely 200DMA up ahead :)
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thatguy
2 years ago
Was the yellen taper pullback a retest of the NL?
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Technician TOP thatguy
2 years ago
not really for me, as we haven't witnessed a real breakout yet, pullbacks usually follow breakouts. There is no breakout yet
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angela
2 years ago
I am wainting the breakout. Wish you all many pips :)
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angela
2 years ago
I think it occurs at 1290
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snapshot


Breakout , lets see how things evolve now
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thatguy Technician
2 years ago
1320 seems to be slowing down gold a little. It does coincide with the April smackdown lows. But IMHO it looks weak, any thoughts?
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