Gold is pushing higher for the 3rd day in a row, which we have not seen for 5 weeks.
Gold beat minor trend line resistance at 4090/4100 to target last week’s high at 4119/4120.
We are testing minor resistance at the 1 month descending trend line at 4135/4140.
A sustained break above 4140 tests Fibonacci resistance at 4160/4170.
The rally is taking baby steps at the moment as we tackle the minor resistance levels.
I am hoping this is the start of a bullish breakout so maybe shorts are too risky.
A break above 4175 should be a medium term buy signal and hopefully we can run up quite quickly – initially to 4210/4215.
For now I will hope that this is the start of a bull run and therefore I will suggest buying at minor support at 4095/4090 & longs need stops below 4085.
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