Gold breaks above 4400

Gold futures are breaking above 4400 this morning, placing the focus on a test of bullish flag and tactical base breakout counts at 4500 and 4600. In addition, sustaining the move above 4400 would suggest even more tactical upside toward 4890 on gold. Holding above 4400-4369 would keep the immediate pattern bullish. The 4300 to 4250 range offers an additional chart support.

Sustaining this tactical bullish setup for gold futures would bode well for the bullish breakouts for the SPDR Gold Shares ETF (GLD), VanEck Gold Miners ETF (GDX), and the VanEck Junior Gold Miners ETF (GDXJ) highlighted in our December 12 The Chart Check report.

Chart 1: Gold futures: Daily chart