Gold continues to trade in a big wedge between 2000.00 and 1900.00. You can use 1940.00 as the swing point for the day. The first major level of importance below is 23.6% back to the 2015 low, this is 1860.00, the long term swing is 38.2% from the same move at 1715.00. The trend still looks very positive, but, if they can only get up to 78.6% of the current move at 2040.00 on the next rally, you could be looking at a sharp move down to 1860.00. The DSP on that day will be very important for an earlier sign a break is coming. With a new all-time high look for the next few major Gann squares up at 2100.00 and 2190.00.

Gold Daily


The break from the 200 day average is just above 38.2% of the move up, this is 36.00. They have spent 4 days above this level and as long as they continue to hold it the long term trend stays positive. Like the S&P's and the past 4 trading days above a key target, they can still hit 36.00 and even below it, but the close is what matters. The long term target on a rally from 38.2% is new highs, but to start, look for a retest of the 200 day average. With a couple close's below 36.00 the next target will be 31.00.

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