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Gold futures resumed their upward climb in last week's trading, moving significantly above the $1,700 per ounce key level support. The overall chart analysis suggests the buyers are still in command of this market as the steady climb has yet to see any meaningful price retracement. While this bodes well for the longer term, Autochartist has detected a formidable resistance level at the $1,740 level which did manage to cap the week's gains.
After marching steadily higher in the uptrend phase of a Channel Up chart pattern, gold pulled back softly to set up a pivot point within the formation. The $30 per ounce span between the support and resistance trend lines that form the Channel Up creates a large potential trading range, while the lack of retracements so far suggest the pattern may still be in a fairly early stage of development. This is partially reflected in the average internal rankings for Quality, Uniformity, and Clarity. A continuation of range-bound trade within the channel will likely improve the rankings and become the dominant pattern for traders to position against.
Alternatively, follow-through momentum may enter next week's trading to puch the price above $1,740 per ounce and above the channel's trend line resistance. This would signal a premature breakout from the emerging pattern and signal a decisively bullish forecast for a commencement towards $1,800 per ounce once again.
For further information on this and other Autochartist products, visit our website at www.autochartist.com
DISCLAIMER: The Autochartist service includes chart pattern identification in respect of foreign currencies, commodities, equities and stocks. There are potential risks relating to investing and trading. You must be aware of such risks and familiarize yourself in regard to such risks and to seek independent advice relating thereto. You should not trade with money that you cannot afford to lose .The Autochartist service and its content should not be construed as a solicitation to invest and/or trade. You should seek independent advice in this regard. Past performance is not indicative of future performance. No representation is being made that any results discussed within the service and its related media content will be achieved. All opinions, news, research, analyses, prices or other information is provided as general market commentary and not as investment advice. Autochartist, MDIO Software, their members, shareholders, employees, agents, representatives and resellers do not warrant the completeness, accuracy or timeliness of the information supplied, and they shall not be liable for any loss or damages, consequential or otherwise, which may arise from the use or reliance of the Autochartist service and its content. This e-mail may contain information that is confidential. If you are not the intended recipient, you must not distribute, copy, circulate or in any other way use or rely on the information contained within the entirety of this email. Please delete the e-mail and any attachments and notify us immediately.
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