Gold - Pennant Breakout - All Time Highs Incoming
Gold has broken out 3 month pennant.
In my opinion, it is ready to go test all time highs now (I am super bullish).
The best part of this breakout is look at the volatility measure through GVZ.
GVZ has tested the lows and is starting to have a bounce.
Every time Gold has tried to go above 2100, GVZ has been very high but this time around it's the other way around.
Ultimate target should be 2400, if we get a bullish close above 2100.
There is a rectangle formation from 1670 to 2070 on the weekly with a false break below 1670.
Other metrics would be Gold tend to gain before rate cuts and real rates are coming down after yesterday PCE.
Stops at 2024.
Goodluck!
In my opinion, it is ready to go test all time highs now (I am super bullish).
The best part of this breakout is look at the volatility measure through GVZ.
GVZ has tested the lows and is starting to have a bounce.
Every time Gold has tried to go above 2100, GVZ has been very high but this time around it's the other way around.
Ultimate target should be 2400, if we get a bullish close above 2100.
There is a rectangle formation from 1670 to 2070 on the weekly with a false break below 1670.
Other metrics would be Gold tend to gain before rate cuts and real rates are coming down after yesterday PCE.
Stops at 2024.
Goodluck!
Comment:
Nice follow through