It did not take long for Gold to confirm my expected breakout
Please see my previous post below, from May 15
UPTREND CONFIRMED
Gold still looking positive on all time frames
Symmetrical high triangle breakout confirmed
Healthy uptrend confirmed, reinforces bullish stance
Takes place in increasing volume, another positive sign
Gearing up for Golden Cross (50/100) on the monthly chart
Occurs after a solid, range-bound consolidation (since early April)
This makes it a very credible breakout, with high probability of continuation
WHAT NEXT?
Next targets 1,800 and then 1,850
From there it could be a straight line to the 1,920.94 all-time-high
Watching/targeting potential completion of long-term rounding bottom (see LT chart below)
SUGGESTED ACTION & RISK/REWARD
Any further weakness in USD should confirm the Gold up-move
Any further pickup/strength in inflation should confirm the Gold up-move
The commodity could take a breather from here to 1,700 and still be in bullish mode
I would increase position size here and set my stop loss at 1680
R/R > 2.0
Safe trading!
Please see my previous post below, from May 15
UPTREND CONFIRMED
Gold still looking positive on all time frames
Symmetrical high triangle breakout confirmed
Healthy uptrend confirmed, reinforces bullish stance
Takes place in increasing volume, another positive sign
Gearing up for Golden Cross (50/100) on the monthly chart
Occurs after a solid, range-bound consolidation (since early April)
This makes it a very credible breakout, with high probability of continuation
WHAT NEXT?
Next targets 1,800 and then 1,850
From there it could be a straight line to the 1,920.94 all-time-high
Watching/targeting potential completion of long-term rounding bottom (see LT chart below)
SUGGESTED ACTION & RISK/REWARD
Any further weakness in USD should confirm the Gold up-move
Any further pickup/strength in inflation should confirm the Gold up-move
The commodity could take a breather from here to 1,700 and still be in bullish mode
I would increase position size here and set my stop loss at 1680
R/R > 2.0
Safe trading!
