GOLD Technical Analysis Suggests Long Bias
I would like to keep this post strictly Technical because Technical Analysis cannot be debated the way investors debate Gold as an investment from a fundamental perspective. There are numerous technical indications that Gold will rally. First would be trend resistance from the 2/1 Level of the Gann Fan along with the recent bounce off the ~$1050 Support level. The 2/1 Gann Trendline is based on the highs of the 15 year uptrend Gold has experienced. The next indication would be the completion of the D leg of the ABCD Pattern. Fibonacci speed resistance fan offers no significant resistance levels within close proximity. Finally RSI Divergence gives us the final long signal. As always if this TA helped you please leave a like and comment your thoughts. Happy Trading!
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