Gold: Short term Short, Long term Long
Looking at a longer term Gold pattern we see Gold has broken through the descending triangle started in 2013. It then rallied up to Kumo & 23.6% Fib Resistance before pulling back. In the short run Williamson21MA and CCI is looking a bit exhausted however there are significant Bullish tendencies in both Willy, RSI and PPO readings.
Therefore I think a minor retracement, potentially as low as $1200 before we see another attempt (and probable success) at $1300 resistance. I'd be guessing the $1300 level will be broken by Q2 2015.
Therefore I think a minor retracement, potentially as low as $1200 before we see another attempt (and probable success) at $1300 resistance. I'd be guessing the $1300 level will be broken by Q2 2015.
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