Gold, until recently has been a slow mover but has now started to gain good momentum.
After breaking above the strong resistance at $1,611 on the 20th February 2020, price has so
far peaked at a high of $1,689.
Whether this high will cause further problems for price is anyone’s guess but as price has started to
pull back, a break and close above this high will confirm a continuation to the upside.
The first trend shown, highlighted by the green box, rose by 22% and the current trend also highlighted
by the green box has risen by 16%. It still has some way to go if it is going to exceed the
length of the previous trend.
If the current pullback drops any further then the next obvious level that price my move towards
is $1,611 which is the resistance turned support from the 8th January 2020 high.
Gold does tend to trend for really long periods of time, however at a steady pace so we may see a
trend lasting several years.
We are currently holding onto our positions and will continue to compound once we experience a breakout.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
After breaking above the strong resistance at $1,611 on the 20th February 2020, price has so
far peaked at a high of $1,689.
Whether this high will cause further problems for price is anyone’s guess but as price has started to
pull back, a break and close above this high will confirm a continuation to the upside.
The first trend shown, highlighted by the green box, rose by 22% and the current trend also highlighted
by the green box has risen by 16%. It still has some way to go if it is going to exceed the
length of the previous trend.
If the current pullback drops any further then the next obvious level that price my move towards
is $1,611 which is the resistance turned support from the 8th January 2020 high.
Gold does tend to trend for really long periods of time, however at a steady pace so we may see a
trend lasting several years.
We are currently holding onto our positions and will continue to compound once we experience a breakout.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
