I am long gold here and will look to add to the position in the coming days, barring a complete breakdown.
Gold has been consolidating after rising 34% since July 2018.
This consolidation has been on-going since the September high.
With this in mind, gold looks poised to start another leg higher to surpass its recent highs.
For Gold trading longs, it is best to keep an eye on the regression trend channel support. It has held twice and will need to hold (or be quickly recovered) for any rally to stick.
See detailed comments in the attached Gold futures charts below.
The author may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
