Gold Marches On

Good morning traders,

A big shout out to the gold bugs on the blog today!

With it being a relaxed Friday, I wanted to continue with our gold breaks higher narrative that we’ve been running with.

The way that gold has been respecting and retesting levels just like we’ve been playing for, has been great to be a part of and I know there are many happy gold bulls on the Vantage FX book who have taken advantage of the price action!

XAU/USD Weekly:

Click on chart to see a larger view.

The weekly chart shows gold clearly having broken out of its bearish trend and started the long decent back up the mountain.

The fact that price has cleared the first swing high resistance level bodes well for the bullish outlook of gold and backed by momentum, it’s fast approaching the next significant zone that I’ve marked on the above chart.

XAU/USD Hourly:

Click on chart to see a larger view.

Zooming into the hourly chart and I just wanted to highlight the gap that formed as price opened higher following another weekend of North Korean inspired geopolitical trouble.

While price pulled back to below that spike high, it TECHNICALLY hasn’t yet filled the gap. Just a level to leave on your chart and ponder if price does decide to correct.

Take a step away from your charts for the weekend and enjoy your time off. I’m off on Monday so I’ll see you back on the blog on Tuesday.

Best of probabilities to you!

Dane Williams – Vantage FX

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Source: Vantage FX Blog