My TC signal on Gold is now up a whopping 780 pips and still going. However, the precious metal has reached a major S/R level and I'll be watching to see if this allows for any pullback or simply launches the metal higher.
Gold 4hr: this TC signal has given 780 pips but has stalled, for now, at the $1,200 S/R level.
Gold daily: all whole number zones tend to be S/R zones:
Gold weekly: my bullish wedge breakout continues without any pullback as yet 🙁 Watch to see if this $1,200 level provides the resistance to trigger any pullback though. If price odes start to pull back I'd be looking for a test of the broken wedge trend line and / or the $1,450/50 levels:
Gold weekly Cloud: I had noted in my analysis over the w/e how this $1,200 region ties in with the top of the weekly Ichimoku Cloud. Any break and hold above this region would be a bullish signal as Gold hasn't traded above the weekly Cloud in over three years; since mid 2012:
Gold 30 min: the 30 min chart shows how a decent 30 min trend trade could have been captured here during the late Europe and US sessions:
Summary: my TC signal to LONG gold remains open for now but traders need to watch how the metal handles the $1,200 resistance zone. A break and hold above this region would support bullish continuation. Price could pullback from here though and, if so, I'd be looking for a test of the broken wedge trend line and or the $1,145/50 region.