Gold Breaks Through Local Resistance... What Next?!

2023年10月17日

Here we are looking at GOLD on the Daily TF…

In my previous idea on GOLD, it had just reached support at the bottom of its descending parallel channel. At the time of that previous update, I shared my bias that I was expecting a bounce. Since then, not only has received a bounce, but has broken out from its downwards sloping resistance line of the channel.

Now that it has broken out, what am I looking for next?

Since breaking the resistance line, I am looking for GOLD to remain above previous resistance and make it newfound support. Thus far, GOLD has tested previous resistance as new support once, and was able to receive a bounce.

As long as GOLD can remain above this previous resistance point, I’d expect it to continue higher. Its next MAJOR resistance is at all time highs, which rests at approximately $2,080…

GOLD has been rejected from this horizontal resistance line many times, but is looking to finally break through it and enter price discovery…

I will continue to monitor this chart and provide timely updates for you as the chart develops.

As always, this is NOT financial advice, and I advise you to come up with your own trading thesis!

Trade safely, cheers!!