as a comfortable level of support.
The first contact we can see was in March 2020 which was during the peak of the global
pandemic last year. Price created a low at $1451 before returning back above the 200sma.
Following the bounce off support, we saw price climb 42% over the next 5 months, smashing
its way above the $2000 psychological round number and reaching its current all-time high
Price has been moving sideways to down since reaching its current top and found support
at the 200sma again at the end of November and formed a low at $1764.
Gold started to find strength once again and climbed up to a high of $1959 on January 6th
and suffered a sharp fall which was cushioned by the 200sma once again.
The candle from January 12th is and price is trying to climb up once again.
If we see a move to the upside, the 200sma may continue to come in as support and help
to push price higher.
We now want to see price take out the $2000 round number and then the all-time high at $2075.
Our position in Gold is still running and we are still waiting for an opportunity to add more positions
once price starts to create new record highs once again.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.