GOLD ($/ounce)
Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices. Below charts are from the review section of the weekly report. It is featuring a rectangle chart pattern on Gold ($/ounce).
GOLD ($/ounce)
After its recovery above 1,680 levels Gold’s outlook changed from negative to neutral. Breakout above 1,800 changed the outlook to positive. Price held well above the 200-day average. We can expect sideways consolidation above the long-term average. The long-term resistance is at 2,070 levels. As we are getting closer to month end and the below chart is on monthly scale, I will monitor the type of candlestick forms around the horizontal resistance. Long upper shadows usually indicate sellers taking control of the price action.
Gold rebounded sharply from the Strong support at 1,800 levels. As long as price remains above horizontal support and the long-term average, I will monitor the chart with bullish perspective. Long-term trading range between 1,680 and 2,070 levels is intact. Gold came very close to the strong horizontal resistance at 2,070 levels. It is important to note that long-term breakout signal will be only after a close above 2,070 levels. Failure to clear 2,070 levels can result in further sideways movement. Gold can take a breather around resistance after its strong run.
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