01 May 2016

Gold : Consolidation Over

  • Since the 1285 high made on 11Mar, gold has been consolidating earlier sharp gains from the 1046 low.
  • Finally broken the 1285 high last Friday (1296 high, close 1293). Onwards and upwards from here.
  • Significant previous highs are 1307, 1345, 1392 and 1434. Expect at least a couple of these, if not all, to be taken out in the following weeks. Certainly we can call an end of the downtrend now. Hang on to those longs.
  • Partially makes up for missing the USD/JPY.

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