Gold is not a fast mover but nonetheless is proving to be resilient and creating higher highs and higher lows despite obstacles along the way.
The global pandemic forced price down rapidly to the 200 simple moving average in March of this year. Price quickly found its footing and soon began rising and breaking above previous highs.
From April 14th 2020 price went into consolidation and eventually broke out on June 22nd 2020. The high of the consolidation zone at $1747 has turned from resistance to support. Going forward, if price remains above the consolidation zone and uses $1747 as support then we may see further trends to the upside.
There is still the all-time high at $1920 for price to break through and price may eventually make it to that point and beyond if the trend remains consistent.
See below for more information on our trading techniques.
@FarhatMFarhat, our stance does not change in 2 days. We are not day traders. What we have said below stays true until it happens.
FarhatMFarhat
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What is the next!?)
Sublime_Trading
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@6f5a969b0aa84c14bd8e5042179006, for?
FarhatMFarhat
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@Sublime_Trading, I mean for the gold what the next? Do U have privet signal for gold? Txme back pls
Sublime_Trading
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@FarhatMFarhat, we will wait for price to move through $2000 before we consider any long positions. Until then we will be standing side and focusing on stocks which are performing much better.