Gold edged higher after the USDX’s sell-off and looks determined to make a valid breakout above the 23.6% retracement level and to stabilize outside the extended sideways movement. The next major upside target will be at the warning line (WL1) of the major descending pitchfork, could find temporary resistance at this level as well.
I’ve said in the previous reports that should climb much higher if the 38.2% retracement level will hold, has consolidated above this static support and has recaptured more directional energy, which will help it to hit new highs.
