Gold finally finding some form - eyes on 1755
Gold has its eyes set on the neckline of the double bottom at 1755 – a daily session close through 1755, with a build in the rate of change (ROC), and the technical target sits up at $1830. More work is needed, but gold bulls will be encouraged that price is holding above the 5-day EMA, which is trending higher. I also like the fact that price rejected the re-test of the 1719 lows, and the buyers came in resulting in a subsequent higher high. Fundamentally a further move lower in the USD and US5YR Treasury would be the trigger for a test of 1755.
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