Gold breakout or Gold Fakeout?

21 May 2021

We have seen gold breakout of the weekly descending trendline. however we would at least need to see a close above on the weekly candle. It has not properly re-tested this trendline. There seams to be lots of indecision and neither the Bulls or the Bears are taking control as yet. It all comes down to this. The Pendant chart pattern forming could give us an indication as to where this precious metal is heading next. I remain Bullish and have 1900 in my crosshairs.