Gold pattern pointing up, page-1013

I have to agree with you on the block that gold is stuck in in the daily TF. Price got driven down initially to the support, took out bull stops hidden under then the subsequent rally this week right to the top and took out the bear stops. 1224 is a strong resistance that stretches all the way back to February. On a sideway block that gold is stuck in, it is difficult to judge direction price will break. I had hoped that 3 days of bullish momentum would break and trigger bear stops in addition to fresh bulls but had a suspicion that I was gonna see that daily wick.

If there are no more news event trigger by next week, I suspect price will slowly meander down to the support and repeat the exercise. However if price can burst through tonight then 1239 is the next level to decide on that stronger resistance going all the way back to June 2014.

Hence as price is stuck in this tight block currently, I am reluctant to start looking for exposure to goldies because it is a 50% chance price and burst through either direction.