Gold - A consolidation in an uptrend
Gold has started a new major uptrend, as shown in my previous two charts linked below.
The price of gold is currently going sideways, consolidating and testing support at 1300 level. Although the weekly chart has not reached value at the EMA Wave, the Force Index was oversold and the impulse turned green after a bullish engulfing candle, all very bullish.
Going on to the daily chart, the picture becomes more clear, a normal pattern in an uptrend, with false breakout below support. I have been long for some time, and I felt the pain twice, but gold never broke properly below 1300. This is why I use soft stops, so I don't get stopped out like a fool on a few cents false break.
Normally, we should move much higher than this, 1400$ should prove a decent intermediate target.
The price of gold is currently going sideways, consolidating and testing support at 1300 level. Although the weekly chart has not reached value at the EMA Wave, the Force Index was oversold and the impulse turned green after a bullish engulfing candle, all very bullish.
Going on to the daily chart, the picture becomes more clear, a normal pattern in an uptrend, with false breakout below support. I have been long for some time, and I felt the pain twice, but gold never broke properly below 1300. This is why I use soft stops, so I don't get stopped out like a fool on a few cents false break.
Normally, we should move much higher than this, 1400$ should prove a decent intermediate target.
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