Technical Analysis

Gold rises to highest since April 2018

Gold breaks out of consolidation sample

I like gold however I hate a breakout on a vacation.

Gold is up $5.35 to$1327.05 at this time, narrowly climbing above the January 31 excessive of $1326.57. The rally marks a brand new excessive since April of final 12 months.

Technically, it is a breakout from three weeks of consolidation within the $1300-$1326 vary. The easy implication is a rally to the 2018 highs within the $1350/65 vary.

Gold breaks out of consolidation pattern

After all, it is by no means that straightforward. What complicates the transfer at this time is that it is coming in low liquidity on a US vacation. That raises a definite chance of a false breakout.

The playbook right here goes to be to carry tight till New York returns tomorrow and wait-and-see if the break holds. On the identical time, you’ll be able to’t ignore it if gold begins to runaway to the upside in a stronger signal that the breakout is confirmed

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