Gold Update

GCG21

Gold has now spent two weeks up against 38.2% of the move back to the ATH, this is 1895.00. This is the long term swing point. A break from here should send it down to test the low and then the long term target of 1700.00. A good level to look for on a break from here would be 78.6% at 1800.00, any break that does not get below 1855.00 would be a very positive sign for the market, this is 38.2% of the current rally.  Based on the 38.2% rule, taking out 1895.00 should mean the low is in for now and they can go for 61.8% up at 1973.00.

The first chart below is the daily chart with the major Gann squares on them, the second is an hourly chart with the secondary Gann squares that are based on Gann's Law of Vibration and can be used as support and resistance as well as swing points and targets.