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There was another attempt to break out for gold, but once again failure. The pattern looks solid, but gold can’t seem to close above the $1 350 level.
Although the metal looks like it wants to break to the upside, there are some warning signs that could keep gold consolidating or possibly send it lower.
The good news for gold is for the last eight days, it has made higher lows and the pattern is ascending, which is a bullish look and indicates that the metal could make a run at $1 400.
The bad news for gold is the last four days, it has seen lower highs and three failed breakout attempts to hold over $1 350.
With the Fed making its decision on interest rates, today could be the day for gold to break out to the upside and finally hold the $1 350 level.
All signs indicate that there is more momentum up. We will remain long and look for the breakout to the upside but do have concerns.
For now, the positives outweigh the negatives, which lead us to believe $1 400 is around the corner. — Kitco.
Online Reporter