Gold has bounced really well off of an important symmetry rail. $GLD $GDX $GC_F $GBG
It’s had a nice run so far this year rebounding from its December correction. Here are a couple of gold daily charts highlighting the breakout and eventual backtest of the head and shoulder base’s last symmetry rail (i.e. the higher parallel line with respect to the lower h&s neckline). It doesn’t get much pretty then this from a technical perspective since the blue triangle breakout. These backtests can be painful to go through but they really help define support and resistance levels during the overall move.
The bounce the past week or so has been really nice. Gold could rest a little to digest this recent short term move, but the MACD looks like this turnaround has room to run over the next few weeks. Any short term dips are buying opportunities.
Bonus chart: GBG daily
