Gold breaks higher once more
Gold has been working out very well, with relatively consistent price action. Yesterday’s triangle saw an upward breakout, with a deep pullback crucially not breaking below the $1346 level. We are now seeing a sharp appreciation, which will likely turn into another round of consolidation soon.
As such, a bullish view remains, with consolidation and retracements seen as opportunities to scale up. We would need to see an hourly close below $1346 to negate this bullish view.