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Multiple Bullish Indications
Keep in mind that targets are all potential prices if certain things happen. For gold, a daily close above the $2,982 level shows strength that could lead to further upside in the near term. Today’s bull breakout was decisive and showed strong upward momentum. Moreover, a bull breakout of an inside week triggered this week, as well as a bullish monthly signal.
The last advance following a bull breakout of monthly consolidation in March of last year, was followed by a seven month advance until the recent $2,790 high. Although that might not happen this time, it shows the potential for higher prices. Also, bullish indications show the potential for a new phase to the uptrend. This means that pullback lower could lead to new entry setups to take advantage of the continuation of the rising long-term trend.
If Pullback, Could Test $2,956 Support
The reclaim of the 20-Day MA yesterday and successful test of support of the line with the low of the day, prepared the launch. A new high breakout just began and a new rally above the 20-Day line. Further, during the recent bearish correction the 20-Day went flat over the past week or so, but it did not turn down. It is now starting to turn up again. If a decline comes before new highs, key potential support levels, marked by the confluence of price levels on the chart, are around $2,956, $2,945, and a range from $2,936 to $2,930.
For a look at all of today’s economic events, check out our economic calendar.
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