Gold Attempting A Recovery!
Since Gold suffered a sudden decline from the 9th March 2020 high, price didn’t look like slowing
down until it approached the 200 simple moving average.
Price hesitated at this support level at first but the sellers forced price to move below the 200sma.
Price not only had the 200sma as resistance at that point but also the $1,500 round number.
With such a strong cluster of resistance above price, it appeared to be facing a huge obstacle
if it was going to be able to regain some bullish momentum.
The start of this week is proving to be on the side of Gold so far but with the current market
conditions, things can be subject to change.
Price has not only moved above the 200sma but it is also trading above the $1,500 round number.
We also have another hurdle not too far above in the form of last year’s high which stands at $1,557.
This level has been broken before and with enough bullish momentum, it can be broken again.
Going forward we want price to make a gradual recovery from the recent declines and a break and
close above the current high at $1,703 will confirm a continuation of the bullish trend.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
down until it approached the 200 simple moving average.
Price hesitated at this support level at first but the sellers forced price to move below the 200sma.
Price not only had the 200sma as resistance at that point but also the $1,500 round number.
With such a strong cluster of resistance above price, it appeared to be facing a huge obstacle
if it was going to be able to regain some bullish momentum.
The start of this week is proving to be on the side of Gold so far but with the current market
conditions, things can be subject to change.
Price has not only moved above the 200sma but it is also trading above the $1,500 round number.
We also have another hurdle not too far above in the form of last year’s high which stands at $1,557.
This level has been broken before and with enough bullish momentum, it can be broken again.
Going forward we want price to make a gradual recovery from the recent declines and a break and
close above the current high at $1,703 will confirm a continuation of the bullish trend.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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