Gold has formed a wedge favoring the bullish direction since realizing its bottom in late 2015.
Ideally the SPDR Gold Trust Fund will retest the wedge support between 115 and 117.5 for an entry on a long position taking profit around 145.00 based on the 127% Fibonacci expansion, a value gain of about 25%.
If it fails to test the wedge support and breaks out the wedge resistance sooner, an entry around 128.00 would still yield around 14% with the same target.
Ideally the SPDR Gold Trust Fund will retest the wedge support between 115 and 117.5 for an entry on a long position taking profit around 145.00 based on the 127% Fibonacci expansion, a value gain of about 25%.
If it fails to test the wedge support and breaks out the wedge resistance sooner, an entry around 128.00 would still yield around 14% with the same target.