In the previous video update on /GC (gold futures) last Friday, while highlighting the pullback to the key 1895 support level, I shared my thoughts that a false breakdown/stop-clearing whipsaw move below that level was a quite likely (click here for the coverage of /GC at that point) & that’s what’s happened since.
GC 60m April 29th
/GC went on to make a false breakdown/bear trap/whipsaw below the key 1895 support followed by a recovery (bullish), rallied to the 1920 resistance with the typical reaction, so far, which was formed what appears to be a potential bull flag continuation pattern. As such, a solid breakout above the flag (and the 1920 resistance, which would occur around the same time) will trigger the next objective long entry on gold (/GC, /MGC, GLD, etc..). The measured target for the bull flag pattern, should that prove to be the case (we still need to break out soon) should take us up to the 1942ish resistance fairly quickly although I remain longer-term bullish on gold at this time.