Sublime_Trading

Gold Facing Support Turned Resistance

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold made history in July of this year when it created a new all-time high. Prior to this, the last time
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 support level 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 simple moving average .

Gold is still above the consolidation support level at $1863 so we want to see some bullish 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.

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