Quote:
...I’ve also drawn a Fibonacci grid off the October lows to the February highs to show the retracement grid gold is showing on its daily chart as well - gold nipped just beneath the 38.2% retracement zone but failed to pullback to the 50% zone, which is a sign of bullishness and strength in an uptrend.
Price just completed a consolidation phase which caused the 20 and 50 day EMAs to converge, giving bulls something to sweat about, but ultimately price has risen back above these levels and now the moving average orientation is in the ‘most bullish position’ possible, giving further confirmation to the uptrend in place.
Price is expected to test the prior resistance high just shy of $975 per ounce, and if buyers can push prices beyond this level (I believe odds favor that they can), then we’ll see an automatic test of the $1,000 level highs and I - along with Adam and others - feel that odds do favor a break above this level to new highs is in our immediate future.
I would be remiss not to give levels to ‘watch out’ for in the event that higher prices fail to materialize, so keep your eye on the $900 level which represents EMA confluence and “round number” support. ...
Since I bought at 91.5 awhile back, it'd be nice to score enough profit off this trade to at least pay the trading fees before bowing out, which is why I'm going to hang in and see how high this puppy can go.:)