Given how the horizontal resistance is still just horizontal resistance while we are creating higher lows. The RSI is showing a good shift in pace and is signaling a potential play to higher levels. Whether the breakout exceeds this horizontal resistance or not, at the very least a retest of the local maximums will some fear for the bears while the bulls gain higher levels of consolidation as support. This is also playing in my favor regarding my Kinross Gold (KGC) play.
Happy Trading :)
Happy Trading :)
Note
Just to clarify even more! Gold right now is making a textbook example of an ascending triangle. These ascending triangles usually consolidate and test a local high on multiple occasions before finally getting enough volume and breaking out of its channel. This is what we are all watching for who aren't bearish on gold but maybe bearish on the equities market in general :)
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Disclaimer
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.