Due to the correction at the stock markets the precious metals managed to break out of their long negative trend.
In a fast rush Gold broke up to the top, leaving the trend channel.
There is some consolidation above the swing-trend line at ~1215$. But the trend is clearly positive, what is been confirmed by the RSI - which has showed a positive trend since june 28.
With this move Gold has also broken the long negative trend line (blue), which has been a very strong resistance - and it should not fall below to not endager the new trend.
On the other hand - the ascending trend line (black) - coming from july 2015 - has been a good support. And this midterm trend is still active.
Gold (and silver) should benefit from the weakness in stock markets and rise to older price-levels at 1.250$ and above - there we find 2 fib retracements (one coming from 2011 - and one coming from 2016).
This is no trading advice.
In a fast rush Gold broke up to the top, leaving the trend channel.
There is some consolidation above the swing-trend line at ~1215$. But the trend is clearly positive, what is been confirmed by the RSI - which has showed a positive trend since june 28.
With this move Gold has also broken the long negative trend line (blue), which has been a very strong resistance - and it should not fall below to not endager the new trend.
On the other hand - the ascending trend line (black) - coming from july 2015 - has been a good support. And this midterm trend is still active.
Gold (and silver) should benefit from the weakness in stock markets and rise to older price-levels at 1.250$ and above - there we find 2 fib retracements (one coming from 2011 - and one coming from 2016).
This is no trading advice.
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