Gold in a downward-sloping parallel channel
XAUUSD has been mostly holding the 1502 support level on the strength of Fed rate cut hopes, despite a couple abortive attempts to break out below that support level.
However, gold has also been making a downward-sloping parallel channel, and the top of that channel will intersect with the 1502 support line in a couple weeks. This will force a decision point as gold decides whether to break out up or down.
I have an alert set to notify me if gold exits the channel. If it breaches the top of the channel, I will buy JNUG-- the Direxion 3x small-cap gold miners' ETF.
However, gold has also been making a downward-sloping parallel channel, and the top of that channel will intersect with the 1502 support line in a couple weeks. This will force a decision point as gold decides whether to break out up or down.
I have an alert set to notify me if gold exits the channel. If it breaches the top of the channel, I will buy JNUG-- the Direxion 3x small-cap gold miners' ETF.
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