We were expecting a quiet, post-Thanksgiving slumber on Friday, and for most of the day this was what we got.
However, in the afternoon session, gold exploded out of the "flat topped triangle" we had identified previously, smashing through stubborn resistance at 1738 and moving all the way up to 1755 where it found some sellers.
Gold has held onto the gains overnight and the 1730-1738 zone now becomes solid support. Assuming the gains of Friday are held, we expect the market to move towards 1800 now, with resistance expected at 1755-1760.
However, in the afternoon session, gold exploded out of the "flat topped triangle" we had identified previously, smashing through stubborn resistance at 1738 and moving all the way up to 1755 where it found some sellers.
Gold has held onto the gains overnight and the 1730-1738 zone now becomes solid support. Assuming the gains of Friday are held, we expect the market to move towards 1800 now, with resistance expected at 1755-1760.
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