Gold futures daily chart…
Gold’s leader, silver, has already taken out its 50 day moving average as it thinks about testing the May high of 26.43. Gold is making an attempt to follow in its footsteps. This is just a simple daily chart technical update.
Gold has broken out of a wedge/flag that has been the sum of its moderate correction thus far and is currently dealing with the 50 day moving average (1966) and eyeballing clear short-term resistance (1986). Take those out and the implication is a new high above the previous high of 2085. Don’t take them out and technically the correction is still on. As noted previously, I’d have preferred at least a tap of the now uptrending SMA 200. But the market – and the chart – will ultimately decide.
