Good morning dear readers!
I would like to take a quick technical overview of Gold in a short to medium term. Gold is currently holding well base on weekly upward trendline which currently goes at around 900. Also we can see a slightly descending triangle (Grey dotted lines) which favour a higher chance for a break up. Daily range is contracting and ADX is rangebounding. So far monthly range is only about 80$ while the average for the last 3 months is 106$ (for last 12 months 127$). This gives a tip about breaking either upside or downside till the end of March. In our view current range lies within 900-955. Swing model (arrows) holding the upmove yet.
We favor upside break.
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