Consolidaton likely on daily gold

COMEX:GC1!   Gold Futures
Consolidation is the word from several commentators after gold hit long-term and short-term channel tops.
The monthly gold chart, showing over extended buying, is screaming for a red candle or two.
However there is still short-term bullishness in this market, which could translate to a pullback on the daily chart here to the low 1500s.
Comment: The $30 sell-off may portend a test of major support at the base of this wedge around 1488-1490. Gary Wagner at Kitco says he "would look for a major support level between $1495 and $1500 per ounce. I would be highly surprised if gold continues lower and trades below that major support level."


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out