/GC gold futures have triggered a buy signal on a breakout above the 120-minute downtrend line highlighted here in Tuesday’s video .
GC 120m Nov 5th
Likewise, GLD has also triggered a buy signal on today’s impulsive breakout above the downtrend line highlighted in Tuesday’s video. However, it has just hit the first target/resistance, where a reaction is now likely before the next leg higher. Whether we get a reaction here or not, although preferable, the next objective entry will come on a solid break above 183.00. 60-minute chart below.
GLD 60m Nov 5th
Zooming out to the bigger picture, I’m still waiting for a solid break and weekly close above the primary downtrend line on EUR/USD for the next long-term buy signal on gold, with that forex pair continuing to test the downtrend line for the past 3+ months. Weekly chart below.
EUR-USD weekly Nov 5th