Gold has been consolidating for quite a while and should be breaking out one way or the other really soon IMHO.
Historically speaking 13 weeks has been a typical time to consolidate and then we see a bigger move. The weekly chart shows price at support on the 26 EMA red line.
My thoughts are that gold will retest the break out trend line at some point down to 1350, however with that being said....
We don't really have a reversal type pattern on the chart. So I am leaning towards a double top at 1550 which would give us that.
When you look at the 4 hour chart there is a bull flag pattern forming that it hasn't broken out of.
There is also a 123 pattern that price has broken below and has a target at 1432 which is also at the bottom of the flag.
It could break out sooner, this is just my preferred scenario on where I would look to buy JNUG at the bottom of the flag. I may look for a JDST trade if gold gets back up to the top of the flag and retests the 1485
Historically speaking 13 weeks has been a typical time to consolidate and then we see a bigger move. The weekly chart shows price at support on the 26 EMA red line.
My thoughts are that gold will retest the break out trend line at some point down to 1350, however with that being said....
We don't really have a reversal type pattern on the chart. So I am leaning towards a double top at 1550 which would give us that.
When you look at the 4 hour chart there is a bull flag pattern forming that it hasn't broken out of.
There is also a 123 pattern that price has broken below and has a target at 1432 which is also at the bottom of the flag.
It could break out sooner, this is just my preferred scenario on where I would look to buy JNUG at the bottom of the flag. I may look for a JDST trade if gold gets back up to the top of the flag and retests the 1485
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