Gold (in USD) appears to be trying to breakout from its 4+ year downtrend.
In my view, there is solid evidence that gold will attempt to breakout but we need to see the following occur first:
1. 7EMA needs to cross through the 41EMA on the weekly timeframe.
2. Gold needs to breakout and hold over $1200
3. A series of higher highs and higher lows over $1200
Gold target on the 3rd wave higher could be north of $5000 should the three items above start to occur.
For more gold charts, analysis and commentary, visit www.goldvybe.com
In my view, there is solid evidence that gold will attempt to breakout but we need to see the following occur first:
1. 7EMA needs to cross through the 41EMA on the weekly timeframe.
2. Gold needs to breakout and hold over $1200
3. A series of higher highs and higher lows over $1200
Gold target on the 3rd wave higher could be north of $5000 should the three items above start to occur.
For more gold charts, analysis and commentary, visit www.goldvybe.com