Much has been said over the weekend regarding gold's move higher and we have taken a look at this this morning.
First point to make is that we have 2 major levels of resistance - the first is the old high at 2070 and the second is the top of a major up channel that extends back to 2011, this is located at 2106 and only a close above here would indicate potential for further gains presently. N.B. this would need to be a weekly close at the minimum or two daily closes.
Currently price action today is looking like a blow off top (A Blow-Off Top represents the climax of an uptrend, characterized by a rapid and excessive rise in prices, followed by a sudden and sharp reversal). It will be important to see where the market closes tonight, but given price action so far it is looking likely.
For now we suspect the market will come back into sturdied support seen in around 1980.
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The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
First point to make is that we have 2 major levels of resistance - the first is the old high at 2070 and the second is the top of a major up channel that extends back to 2011, this is located at 2106 and only a close above here would indicate potential for further gains presently. N.B. this would need to be a weekly close at the minimum or two daily closes.
Currently price action today is looking like a blow off top (A Blow-Off Top represents the climax of an uptrend, characterized by a rapid and excessive rise in prices, followed by a sudden and sharp reversal). It will be important to see where the market closes tonight, but given price action so far it is looking likely.
For now we suspect the market will come back into sturdied support seen in around 1980.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
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