Gold: The bulls took a pause for breath [Video]

Richard Perry Independent Analyst

Gold

The decisive breakout above $1789 was a key moment last week. It continued the run higher which has been flanked by a now five week uptrend and once more broke through a previous high to move to multi-year highs. We are backing this bull run on gold and although the bulls took pause for breath towards the end of last week, importantly, there has been little damage to the breakout. There is still an appetite to support gold into weakness. We see anything into the $1789/$1800 area as a chance to buy. Momentum indicators remain strongly configured, with RSI in the high 60s, MACD lines still advancing and Stochastics still in strong configuration (even if they have slipped slightly in recent days). We look for further upside pressure above Wednesday’s high of $1818, with our implied target range from the April/June consolidation rectangle suggesting moves towards $1820/$1858 in the coming weeks. The bulls would lose some of their control under $1764 but the bullish outlook would only begin to come under considerable strain under $1744.

Author

Richard Perry

Independent Analyst

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