Gold breaking pattern to breakout!
Events in the last couple of days, namely the US lame-duck-type of elections outcome have triggered a series of market movements. Gold appears to be breaking its longer term pattern to form the cup handle, and is breaking out of yet another wedge.
This break out appears technically legit as gold failed to make an expected lower low, but bounced strongly off a support instead. The recent price action is supported by MACD and relative strength indicators as a move with legs. The breakout from the falling wedge puts a price target at the previous historical high of 2080 by the end of the year 2020.
All these appear supported by a further falling of the USD as well.
This break out appears technically legit as gold failed to make an expected lower low, but bounced strongly off a support instead. The recent price action is supported by MACD and relative strength indicators as a move with legs. The breakout from the falling wedge puts a price target at the previous historical high of 2080 by the end of the year 2020.
All these appear supported by a further falling of the USD as well.
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