Breakout for gold above 1260

I identified the shooting star candlestick in the chart. It indicates a yellow light for the uptrend. Caution is advised if you are trading the near-term uptrend.  There could be a test back to 1260 which would be normal. If you are trading the intermediate uptrend, I would hold the position unless there is a break below support around 1260.

Chart for gold showing the breakout above 1260 and the 200-day moving average.

Gold 7-Month Candlestick Chart


“Technical Analysis is about putting the probabilities on your side.”

Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stocks or indexes.

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