GOLD

Updated

Break out in gold today. 1HR chart showing the move from descending channel its been trading in since 1/25/18. I would expect Gold to retest shorter rising channel and prior top of 1345 area and possibly bounce between rising channel line and todays high until breaking out to test the 1365 area and then 1400. A move back into channel would have bearish implications and outlook for Gold would need to be reassessed at that time. A break of 1345 and 1336 next lower support. 1326 solid support below that.

Note

There is the backtest. Appears to have had high volume support on test of 1345 Now to see if it can hold over long weekend with US markets closed monday. And see what becomes resistance above, 1349- 1350 first test.

I think we form a bear flag to 1350 and then drop to lower channel 1342- 1344 but high volume support at 1345 looks good for gold bulls and will have to be retested

A move a above 135 is bullish and upward trend would probably be back,

Note

Read comments above from 4-6 days ago,

Played out exactly as described so far.
*" A move back into channel would have bearish implications and outlook for Gold"
* FEB 16 "I think we form a bear flag to 1350 and then drop to lower channel 1342- 1344 " Bear flag formed to 1350.8 then fell through support to lower channel at 1344
**"A break of 1345 and 1336 next lower support. 1326 solid support below that." - Broke 1345, fell to 1336.9,
**" but high volume support at 1345 looks good for gold bulls and will have to be retested " back tested 1343 from 1336 and failed
**1326 solid support below that." low of day 1328 but I dont think we've seen the lows yet.

jmil

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