I think we could see a big breakout on Gold soon. It has been consolidating very close to the trendline in the past few weeks. It did have a fake breakout in the early part of January but is now settled back below the trend. From the high in August it has already retraced to 0.5 Fibonacci before rising and now sitting on 0.382 Fib. I think it will breakout and test the 1960 level in the next few weeks.
I am looking at this as a very long term trade personally, I have a target of 2325. But for short term trades a target of 1960 from here would be good.
I am looking at this as a very long term trade personally, I have a target of 2325. But for short term trades a target of 1960 from here would be good.