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Gold – Bull Flag/Channel Holding
In our most recently weekly market commentary, we talked about the bullish flag/channel pattern suggesting higher prices, with the key support level being around 1238/40. That channel and support has held, currently up over 1000 pips since then so hopefully you profited from the climb.
The longer this continues, the greater the chance it signals a change in the trend. A break above last weeks 1266 highs suggest 1275 would be up next (Jan 26 highs). After this, 1289 and 1309 are on deck with a lot of upside potential short term, and a longer upside target of 1360 which is the Oct swing highs.
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