Sublime_Trading

Gold Builds Early Bullish Momentum!

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold has been resting well, and the rest may have given new life to the
bullish momentum as we are starting to see some progress this month.

An all-time high formed in August 2020 at $2075, and from there,
we saw a decline down through the $2000 psychological area of
support/resistance and below the 50 simple moving average .

Price formed an area of consolidation and formed a base just below
$1700 in March 2021. Price hit this level again in August 2021,
and this bounce from support has given price some much-needed momentum.

We have the $2000 round number above price, which may act as
resistance. If price makes it above this hurdle, then we have the
all-time high resistance at $2075, which may also act as an obstacle.

As price has formed a base in the consolidation zone, a breakout
of the the high or low will give us an indication of where price may go next.
The prior trend was bullish , so we are anticipating a bullish breakout.

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