Gold daily chart provides a close up of the Middle East rally for the last three months. The red lines show a two-leg bull flag that played out with a target of 1530 achieved. The move vertical over the last day comes with weaker histogram and stochastics. But the RSI and money flow remain long and strong and are actively cheering this 200 dollar Middle East rally move. A pull back is needed for gold to catch its breath but price will come back up to test these levels again after any pull back.
As long as 1580 is not printed, this move can be viewed as an exhaustion move for gold and price should top out and head sideways from here. If a close above 1580 is printed, then 1625 would be the next target, but this is not the current projection. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.
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