This monthly gold chart demonstrates the beauty of using simple trend line for accurate technical analysis in long term chart, as the old sayings go "Simple is the best, Less is more."
Gold is at the critical junction at the moment. It looks like it will have a breakout of the bullish flag formation ( the descending broadening wedge), or it will fail here and drop back to the nearest uptrend line.
While monthly MACD indicates more consolidation that means gold could drop from here, a bullish monthly candle closed above the broadening wedge could possibly confirm the breakout otherwise.
What do you think about gold's next move based on this chart ?
Gold is at the critical junction at the moment. It looks like it will have a breakout of the bullish flag formation ( the descending broadening wedge), or it will fail here and drop back to the nearest uptrend line.
While monthly MACD indicates more consolidation that means gold could drop from here, a bullish monthly candle closed above the broadening wedge could possibly confirm the breakout otherwise.
What do you think about gold's next move based on this chart ?
