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Gold Price Chart: Bullish Breakout

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by , 07-19-2019 at 10:49 AM (69 Views)
      
   
Price is approach the upper bounds of this consolidation range with daily resistance steady at the August 2013 high at 1433. A breach / close above this threshold is needed to validate the breakout with such a scenario eyeing subsequent resistance targets at 1451 backed by the 50% retracement of the decline off the record highs at 1483.

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Notes: A closer look at gold price action shows gold breaking above the weekly opening-range highs on an outside-day reversal candle yesterday with price defending weekly open support today at 1415. The focus is on a breach above consolidation resistance at 1433/35 to keep the long-bias in play targeting 1441 and 1451. Monthly open support rests at 1409 backed by 1440 ultimately a break / close below the July support line, currently ~1390 needed to suggest a larger correction is underway.

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