Blake Morrow’s Chart of The Day – May 7th 2021
GOLD
Gold broke the 1800 level resistance today, and while above the 1800 level the risk is for a move back to the 200dma. The double bottom pattern will target the 1838 level first, but since the daily RSI is nowhere near overbought the 200dma and the 61.8% Fibonacci ration near the 1855 level seems like a logical target near term. Keep in mind that the move back to the 1756 level last week was a 38% “shallow” retracement which is assisting this move higher near term.
