Update on Gold: May 17, 2017

In our March 28 update on gold [see: Follow the Yellow Brick Road] I identified several upside targets that would be in play if GC was able to top its SMA200 — the first being the .618 Fibonacci retracement at 1280.80.

I reiterated it on April 11 [see: Price Alert on Gold] as GC spiked through the SMA200 and approached 1280.

The  purple .618 at 1280.80 was one of several upside targets suggested if GC were able to pop through the SMA200.  It did so once on Apr 7, but quickly retreated below the red TL from last July.  This breakout appears to have more staying power.

As it turned out, GC gapped through the .618 Fib the very next day and spent 7 sessions above it before running out of steam.  It ultimately broke down on May 3, but is at a very important threshold today.

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