The CPI numbers come out tomorrow. That could be the impetus for gold to run in to new highs in the coming weeks. What is needed is a strong close above the 50 ema as shown in the red circle to the left. Getting into this trade to go long before such a confirmation would be a mistake, IMO.
We can also see that near the circle on the left the price touched the 200 ema area, and that recently happened again about 2 weeks ago.
Lastly, a daily trend line has also recently been broken. It is pretty short but still significant. Good luck! (Again, the price must close strongly above the 50 ema!)
PS: a measured move could send GC to around 2170 before its tops for awhile; 2170 is very speculative, just a possibility; in the possibility of more bank failures maybe in Sept, the price could go a lot higher. All conjecture.
We can also see that near the circle on the left the price touched the 200 ema area, and that recently happened again about 2 weeks ago.
Lastly, a daily trend line has also recently been broken. It is pretty short but still significant. Good luck! (Again, the price must close strongly above the 50 ema!)
PS: a measured move could send GC to around 2170 before its tops for awhile; 2170 is very speculative, just a possibility; in the possibility of more bank failures maybe in Sept, the price could go a lot higher. All conjecture.
Trade active:
Current GC price is about 1962. A daily close above 1960 would confirm this trade. Looks like it probably will close that high.
Comment:
Price not following thru strongly although longer term uptrend still intact. Leveraged positions should be liquidated probably at this point. If price can stay above the bottom of weekly pinbar candle, we're okay; a move below 1949 probably means another down week.