Gold broken out for next leg rally
Gold, as it appears, has broken out. System Buy signal should be along shortly,
Fundamentally, on the back of a topping equity market, and the Fed statement that QE infinity and low rates will be around until 2023, it probably triggered some Gold buying.
Technically, after bouncing off the 55EMA, Gold apparently broke out of the triangle, and MACD crossed up in support. Look for the MACD (signal) to crossover above 0, and further price upward movement with momentum and volume (commitment).
Immediate upside target over next two weeks is 1850, with a higher upside target of 1970 by mid-August.
Note the previous ideas posted about Gold, as the breakout develops. A good learning journey...
Fundamentally, on the back of a topping equity market, and the Fed statement that QE infinity and low rates will be around until 2023, it probably triggered some Gold buying.
Technically, after bouncing off the 55EMA, Gold apparently broke out of the triangle, and MACD crossed up in support. Look for the MACD (signal) to crossover above 0, and further price upward movement with momentum and volume (commitment).
Immediate upside target over next two weeks is 1850, with a higher upside target of 1970 by mid-August.
Note the previous ideas posted about Gold, as the breakout develops. A good learning journey...
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