Gold has started the year strong with a solid close above $1300. We've tapped the weekly area of $1350 and have also violated the previous high.
Last week we had a strong close forming new highs - we closed above $1350 and this week we have a formed a long spike to the downside. If we continue to see momentum - we will close above this area again for the second week in a row. EMAs are upward facing.
Very smooth higher highs and higher lows forming an uptrend. Our EMAs have been supporting price nicely and yesterday we closed back above them after a retest. Today we are also seeing a nice daily close completing the formation of 3 pin pattern.
Higher highs and higher lows are forming - similar to the daily TF. Price has pulled back into our preferred fib region and consolidating before the next move. A break of our CTL and crossover gives us a good entry point.