After Tuesday's nice spike, we've had a small healthy pull-back which now completes the lower part of what looks to be a Cup & Handle. If we get a nice close tomorrow, we will most likely be seeing a new higher-high next week. With this in mind, one should still proceed with caution (if starting a new long position). If we don't close above the 50MA tomorrow (Friday), I would see that as a short term bearish indicator and followed with a retest of the key area of support next week.
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C&H fail. 1313-1305 range bound next week.
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Getting closer to the key area of support.
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We actually touched one of the lower trendlines today at 1313 as anticipated. It will be interesting to see if it turns out to be the new low.
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Boom! It was quite obvious after that failed C&H where gold was going to end up. BIG test next week for gold. Breakout in either direction happening for sure next week.
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