Gold Prices Clear 5-Month Downtrend, Important Breakout Test In Play
Gold prices have bounced around during a volatile multi-month pullback. Each rally has been met with more selling.
Could that be changing soon?
Today’s “daily” chart of the Gold Futures shows price breaking above its 5-month down-trend line at (1). This is good news for bulls as it changes the short-term technicals from bearish to neutral.
BUT something else is happening that could be very bullish for Gold. GLD is currently trying to break out above lateral resistance at (2).
I humbly feel that a breakout at (2), which is the 50% retracement level of its 5-month decline. would be super bullish for Gold. Stay tuned!
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