What’s our old friend GOLD up to?

Happy Friday traders,

It’s been a shaky several days across the indexes lately, but what’s our old friend GOLD up to? Let’s take a look at a weekly chart.

XAUUSD Weekly:

After breaking out of our downtrend line last year you can see it’s remained relatively range-bound, not presenting any really convincing longer term setups… Until now. We’re seeing price again approach an area of long term resistance highlighted on the chart above. If price manages to break through this resistance, we could see some great buying opportunities present themselves.

I’m overall bullish, but yet to be convinced.

Stay tuned for updates and safe trading folks.

Austen P – Vantage FX

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Source: Vantage FX Blog