Gold wedge follows bullish breakout
Gold finally managed to get back into a bullish outlook on Friday, after price came precariously close to the critical $1300 support level. Fortunately, the bullish medium-term outlook remains intact and given the break through the $1325 swing high, it looks like we are set for further gains.
The question is whether that will occur this morning or at a later date. The answer to that question will come upon the resolution of the current rising wedge pattern. A break below trendline and $1322 support would provide a bearish short-term outlook. However, with a key swing low of $1316 nearby, and a bullish medium-term view in place, it would make sense to instead see such a move as an opportunity to get long at a better price.
Alternately, a bullish breakout would look towards $1330 as the key level to be taken out as a means to pushing on with the recent resurgence.