Gold has broken out of the trend line after testing it multiple times. It came back and retested and now looks to be a potential breakout on the upside. However, it is just as possible that Gold may retest its long term support. If it breaks this support level I would anticipate that it would continue the downtrend.
If the uptrend continues would believe it'll hit the resistance of 1550.00. And a possible SL would be below the support level.
If the downtrend breaksouts of support then a target of 1420.00 and a SL above the previous high.
These are my thoughts and don't constitute investment advice.
If the uptrend continues would believe it'll hit the resistance of 1550.00. And a possible SL would be below the support level.
If the downtrend breaksouts of support then a target of 1420.00 and a SL above the previous high.
These are my thoughts and don't constitute investment advice.