GOLD TECHNICAL

[Guest FXTECHNICAL]

[Mercury]

Like the idea of the parallel channel lines @FXTECHNICAL but for me the upper one has too few touches to be valid.  That said the market could have turned at the Fib 50% today.  My only concern is the possibility of a further retrace to test Triangle breakout at the Fib 62% (see my Gold/Silver thread for details).

[Guest FXTECHNICAL]

There is a weekly time
No need for more touches CHANNEL

[Mercury]

Ah!  We all differ on these things.  For me a line has to have minimum 3 touches to be credible on whatever timeframe.  The upper channel can have 2 only in the lower is very strong on touches and there is no other credible placement.  Either way I think we can agree that the Weekly chart shows Gold in a trading range and a breakout should be strong.  For me the likely direction is into a rally but not sure yet when.  Some good rally movement on both Gold and Silver today of USD falls and possible stock falls but will that be sustained to a breakout or is there another leg down to go yet?  Time will tell I guess.

[Guest FXTECHNICAL]

UPDATE