Details are in the chart.
After an impulsive phase, gold has been consolidating within a triangle pattern in the last 2-3 months. A break out could be possible in the near term.
For more info about triangle pattern and Elliott wave, check out this link
www.elliottwave.net/...ictenets/basics3.htm
Stay tuned !
After an impulsive phase, gold has been consolidating within a triangle pattern in the last 2-3 months. A break out could be possible in the near term.
For more info about triangle pattern and Elliott wave, check out this link
www.elliottwave.net/...ictenets/basics3.htm
Stay tuned !
Comment:
A break out move has occurred. Gold is testing strong resistance at 1340. If 1340 can't hold, a fast move to 1350-1355 is on the table.
Comment:
Gold is moving fast and furious,. It is now trading at 1343. The potential trade war between US and China could push gold up to a new high this year. A test of strong resistance 1350-1360 could happen today Friday or the beginning of next week.
Comment:
Gold is testing major resistance area at 1350-1355. If you already go long, you can take partial profit at 1355-1360.