Yesterday we mentioned in our analysis that if Gold price were to break above the trading range, it would produce a bullish signal and the target would be at $1,837. Not much time later, price broke above resistance and gave the much anticipated bullish signal. Today Gold price has reached the target.
Red lines- expected size of upward break out
Gold price has reached the target of $1,837 and has potential to move higher as long as price continues making higher highs and higher lows. Next upside target is at $1,868 where we find the upper boundary of the medium-term bearish channel Gold has been trading inside since last August.
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