Gold futures may add to their recent gains in the week ahead, with favorable technical indicators underpinning the rally. Autochartist identified a breakout on the 30-minute chart which carries an upward bias from the current price. The projection is consistent with the overall trend higher after overcoming short term resistance.
Last week’s rising price action propelled gold out of a well-defined Triangle chart pattern, generating an Autochartist forecast target which has not yet been achieved. The pattern scores high across all of the internal readings, with solid Clarity and Initial Trend readings giving it an overall Quality ranking of 7 bars. Lacking in the momentum department however, the follow-through of the initial move has been noticeably weak. The initial breach of the top of resistance was met with modest selling pressure that caused a minor retracement back below the breakout point.
No comments:
Post a Comment