Daily
Chart Prepared by Jamie Saettele, CMT
DailyFX Trading Guides and Forecasts
-The last update noted that “Gold has exploded since breaking through 1130. Gold also carved out a wedge breakout on a weekly basis. The origin of the wedge is the target, at 1392. Pay attention to 1340s as well, which is defined by the 200 week average (plotted above) and July 2014 high. The October high at 1191 has held as support, which confirms bullish behavior.” A triangle has formed over the last few weeks. The breakout objective from that pattern is 1336, which is near the July 2014 high of 1345.
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