Gold broke out of the symmetrical triangle to the topside and closed right at resistance of 1546. Whether this is a genuine breakout with price headed toward new highs remains to be seen. We will need to see another close at a minimum to convince me. I could be a buyer tomorrow with a close above 1546. Support is between 1532 and 1535 and is comes from both the 18 day moving average and a previous swing low. RSI has plenty of room to run with a moderate reading of 60.
PHYS, the 100% allocated gold bullion fund, closed up on the day but below the high made on Friday. In doing so, a new swing high was established at 13.69. The chart is still not trending in the short term and is neutral with a higher low and a higher high. The intermediate trend is firmly established as an up trend within the channel shown. Resistance remains at the 13.68 level with support coming from the 20 day moving average at 13.39 and below there at 13.17. If tomorrow can take out today’s high, then a new short term uptrend will be established with a higher low of today and a higher high tomorrow. This provides a buying opportunity.
The Elder Impulse chart is displaying a green bar and indicates exposure to long trades.