a new all-time high was created was 9 years beforehand. Not only was a new-all-time created, but in
the process, price moved above the major $2000 round number.
When price moves past major levels of support or resistance we tend to see price revisit that level.
This restest occurred on August 11th where price came down to the previous all-time high. This level
was then used as support through to September as price consolidated.
The wasn’t able to hold price up for long and we saw a decline below $1920.
What is interesting now is that the support has now become resistance.
If the ATH holds as resistance going forward then we may see further declines in Gold , moving as far
down as the 200 .
Gold is still above the consolidation at $1863 so we want to see some momentum
and eventually a breakout of consolidation above $2075 which is the current resistance.
If this occurs then we will look to compound or our initial position which is currently in a small profit.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.