Gold continues its push higher after returning to the weekly rotation zone and triggering a buy entry on Wednesday. With Gold returning to its most recent high area, I am looking to raise stops for any short term positions. On the continued push higher through the most recent highs, the next stop raise area is 3230 and the next major target cluster is 3,260 where we have a dual harmonic cluster.
For medium and longer term positions, we do have a potential double top in place but in order for it to trigger we would need to see a complete Gold collapse with a close below 2,370 to trigger a pattern. I am not expecting it but if something like that did happen, it would be a great location to trigger stops on longer term entries. If Gold trades above the 3,260 area then the double is invalidated.
Remember, even though we are very bullish on Gold, it is always helpful to analyze the market both ways to ensure that we are not overlooking any potential patterns that could unfold. The tr
