WILL GOLD PULLBACK?
GOLD has been on our watchlist for some time as we expected a bullish breakout from the weekly flag pattern
in May. Since then the price has rallied into the key resistance around $1430.00, however, instead of reversing back
towards our ideal buy zone, the price has consolidated. We looked at the CoT reports and there is no sign of the commercials
selling aggressively at this resistance suggesting they are looking for prices to move higher.
We also have the USD weakness propping the commodity prices up. A weaker USD will help Gold remain bullish and technically the price
is forming a bullish breakout pattern at the key resistance.
Is a breakout higher likely?
Comment below...what are your thoughts?
in May. Since then the price has rallied into the key resistance around $1430.00, however, instead of reversing back
towards our ideal buy zone, the price has consolidated. We looked at the CoT reports and there is no sign of the commercials
selling aggressively at this resistance suggesting they are looking for prices to move higher.
We also have the USD weakness propping the commodity prices up. A weaker USD will help Gold remain bullish and technically the price
is forming a bullish breakout pattern at the key resistance.
Is a breakout higher likely?
Comment below...what are your thoughts?
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