Gold

Looks like a breakout of the flag today.... and should continue higher
Regards,
Trendfriend.

Gold looks bullish. Its broken and retested the 123 low breakout recently. Id target the 1133 area as thats the 200em area currently

dl.dropboxusercontent.com/u/4899609/gold20thjan2015.png

Target hit


dl.dropboxusercontent.com/u/4899609/gold2ndfeb2016.png

Bull Flag or bull pennant?? take your pick.

Looks like gold has still got more to rise imho...
Regards
Trendfriend.

Hi Trendfriend

Would you say the low for that pennant is about 1210 as of Monday - if it breaks down it could still be a bull flag but could go down to 1130'ish before it turns up again. This week's UBS report suggests gold could still re visit 1130-1150 - I'd just like it to go up to 1300 or more first!

If it breaks up out of the pennant next week, what target price would you project?

Thanks

Learning

Hi Learning,

This looks to have retraced much of its gains. It's currently in a area of support.
1200 & 1990 are the next supports, its currently holding on to the 10 day ema and a short term trendline below.
If these area's fail to hold this could well go down to 1150, so lets see....
I think 1200 and 1190 should be good support.
If it breaks out of what looks to be a bull flag.(not a bull flag until it does break out) The target would be the length of the flag pole, so 100+ points.

This is a interesting article on Gold which someone posted on another forum. interview with Dan Norcini
www.moneymetals.com/podcasts/2016/02/19/...ld-technicals-000831

ATB.
Trendfriend.