Gold's Explosive Move
Guillaume Touzet | Feb 24, 2017 05:17AM ET
As mentioned in our article written yesterday... The "rubber band" tension was released and gold in USD just exploded higher when it broke the triangle by the upside continuing the uptrend that started on January 31st, 2017. Next resistances are seen at:
+/- 1256.00 (61.8% Fibonacci retracement on daily chart),
+/- 1278.00 (61.8% Fibonacci retracement on weekly chart),
+/- 1287.00 (76.4% Fibonacci retracement on daily chart) and at
+/- 1337.20 (high of 11/6/2017 of weekly chart)
Yesterday morning (London time), the egoldfx TrendStrength Meter confirmed with a new cross between the gold strength line moving above the USD strength line that the actual uptrend was still active and the downtrend warning voided. Today, the gap between those lines is increasing, confirming this breakout. Now we need to wait for one of the line to reach a "bounce level" (level 3 or 7) on the TrendStrength Meter to have an indication that the uptrend is starting to lose momentum.
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