Gold Futures - A Break Out in Progress?

Updated
The gold futures have been a really interesting market over the last twelve months or so. The trends currently seems to be behaving in line with historic correlations, but for most of 2020 it was anyone's guess which way the market was going to go.

I note overall from a long term trend perspective gold is a bear market (below the 200 Day MA - currently about 1860). However, this analysis is more focused on the shorter term moves.

Looking at the Gold Futures currently, it looks like a double bottom has formed around March 8/9 and March 30/31 with the price bouncing off around 1670ish twice. between these two dates, the market seemed to consolidating (short time frame though so not overly reliable) before breaking out of that range and 8/9 April. The pullback on Friday was pretty sharp, with a big down wick (the breakout circled in blue), but ultimately the uptrend seems to have held - just.

Now that the price is heading towards the 50 MA again that could act as resistance (in fact the 8/9 candles show some indication of that), if we see a break above the 50 MA we could see further upwards movement on this market. A market to watch I think.

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Note
So after posting this, I have continued to watch gold (sadly my position was stopped out), but it looks like the trend upwards is continuing, still a way to go until the 200 day MA is cross (the point most long term Trend Followers would identify as uptrend), but opportunities may still exist to get into the long trade. I'm not sure the risk-reward is there yet though.
Trade active
Looks gold still has a bit more to give. Still below the 200 day SMA but the breakout above 1800 seems to be holding for now. I’m back in. We’ll see if we get a retest on or around 1800 point.
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