Gold is testing resistance of a triangle consolidation.
Similar to the comments about silver last week, gold is holding up particularly well. In this environment, you would expect gold to be weaker. However, it is not. And, we are close to challenging the triangle resistance of a consolidation that has taken place since the beginning of 2020 following the massive bullish run last year. Let’s also note, that in the event gold rally gets some legs once again, the longer term pennant target still is above 1700. Something to think about.