Gold and the next phase after a upward trendline break...

TVC:GOLD   CFDs on Gold (US$ / OZ)
So Gold broke the upward trend line it has been in since 2016. Now the price now has two options.

  • Perform a dramatic bounce above 1250 and stay above the trendline and recommence its upward trend.

    Or more likely bounce and touch just below the trendline and test another fibonacci retracement line down lower.

It appears to be more likely the re-emergence of the gold bull market will take slightly longer than first anticipated, however when it does it will be dramatic and go above the 2011 high of $1900.
Comment: Gold can re-take the original upward trendline provided it finishes this week above 1270 and makes a move higher.
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