Gold broke the last medium term Resistance at 1,300 on 1D. This has set the monthly chart (RSI = 55.600, MACD = 3.510, Highs/Lows = 3.7657, B/BP = 64.6600) on a bullish course to test the last sell MA, which is the SMA100 = 1,355. 1D remains a standard uptrend, resembling a Channel Up (RSI = 64.882, MACD = 7.900, Highs/Lows = 8.9765), clearly supported on Higher Lows (blue dashed line). The immediate TP is 1,325, with the ultimate target being the multi year Rejection zone of 1,355 - 1,365, which has been rejecting any upside break out possibility since 2014.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.