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Assessments / Blog
GC #F Spring in Gold confirmed
In our last assessment on May the 19th we stated:
“If the Spring board holds at 1274.30 (successful test of this level) and price close above 1288.70 again we will be looking to take on another long swing position.”
The Spring formation (that started on May the 2nd) was confirmed Yesterday and price gapped above the 1288.7 level, to close at 1310.2, a gain of 23.1-points for the day. We have not reached the target of 1324.7 estimated on April the 28th, projected to be reached 33 days from then, but it is still possible within the next few trading days.
There are no signs at the moment for a possible pullback, with the Supply / Demand Balance Dashboard and Comparative Strength looking strong.
Resistance is expected at the 1314.5 level.
Links to previous articles about Gold and Precious Metals:
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