At W2 We monitor Gold in correlation to our overall portfolio and the DXY.
We are forecasting a break of the 1hour bullish penant continuation structure, with additional confluence, offered by the fairly steep ascending trend line support. If we are to break the highs impulsively our initial targets will be $1835 per troy ounce. At this particular level we could see a move to the downside, dependant upon how price approaches, if we see an impulsive break, we would like to see a phase of distribution before moving towards the highs of previous recessionary periods circa $2,000
We are forecasting a break of the 1hour bullish penant continuation structure, with additional confluence, offered by the fairly steep ascending trend line support. If we are to break the highs impulsively our initial targets will be $1835 per troy ounce. At this particular level we could see a move to the downside, dependant upon how price approaches, if we see an impulsive break, we would like to see a phase of distribution before moving towards the highs of previous recessionary periods circa $2,000