We are now in the take-profit zone I drew in my last Gold post.
This is BIG resistance and a break up from this level would be huge. It would break a multi-year consolidation.
So what do we do now?
A few days of consolidation would be perfect here. Then we can trade the breakout. If you would like to buy here, bare in mind that this is resistance, and you will need to get out quick if Gold wants to test support.
Buying support is always safer, but f Gold closes above long-term resistance lines, be prepared to buy an explosive move upwards.
Only a close below the blue trendline just below the yellow area would leave me feeling cautious in the near-term. As long as gold holds this level, it remains a buy.
This is BIG resistance and a break up from this level would be huge. It would break a multi-year consolidation.
So what do we do now?
A few days of consolidation would be perfect here. Then we can trade the breakout. If you would like to buy here, bare in mind that this is resistance, and you will need to get out quick if Gold wants to test support.
Buying support is always safer, but f Gold closes above long-term resistance lines, be prepared to buy an explosive move upwards.
Only a close below the blue trendline just below the yellow area would leave me feeling cautious in the near-term. As long as gold holds this level, it remains a buy.