Daily Chart
As mentioned in my previous post "
Gold - The Long Term Downtrend Ended", gold moves up strongly with Triple Top Breakout after breaking the long-term downtrend line.
Congratulations for those who bought gold while it is still below 1300. It is time to take profit for short-term trader. Gold has hit the major resistance and pull back last Friday. Gold may move sideways for some time and this resistance will not be broken easily within a short period of time.
Weekly Chart
Gold break cycle is ended with price above the 200 weeks moving average and the long-term downtrend line is broken. I would confirm that it enters a new bull cycle once it breaks the 1380 major resistance. Meanwhile it may move sideways below this resistance for a while.
Gold is technically bullish but it has a lot of obstacles all the way.
Gold @ $2000 is not a dream but it take years to happen.
Good Luck!
Sunday, 10 September 2017