/GC (gold futures) & GLD (gold ETF) are both backtesting the falling wedge patterns that they recently broke out from, thereby offering an objective long entry although we still don’t have a buy signal/breakout on the EUR/USD yet. The first chart below is the /GC (gold futures) 60-minute chart followed by the GLD (gold ETF) daily chart.

I’m just passing this along as an unofficial trade for now as I would prefer to see a breakout in the EUR/USD to confirm a trend reversal in the US Dollar. Should gold reverse & rally soon, my first targets (unadjusted/actual resistance levels) would be 123.69 & 125.15. Other than a backtest of this downtrend line, the 120ish level remains the first significant support level on GLD below.

EUR-USD daily May 16th

EUR-USD daily May 16th

0