Gold Battling With Resistance & Support!
The behaviour of Gold has been consistent over the past couple of years where we have seen trends
followed by consolidation periods. The most recent breakout of consolidation on the 6th January 2020,
saw price sharply rise to a height of $1.611 but that was short-lived.
Price re-entered the consolidation zone and things were not looking good for Gold as its rival commodity,
Palladium, is soaring to new all-time highs.
Despite moving back into consolidation, the buyers did not give up and have again pushed price back up
and above the resistance level at $1,557. If there is a good amount of momentum built up then we should
see price approach the next resistance level at $1,611.
A breakout there will confirm a continuation to the upside and we should continue to see long-term
growth in the price of Gold.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
followed by consolidation periods. The most recent breakout of consolidation on the 6th January 2020,
saw price sharply rise to a height of $1.611 but that was short-lived.
Price re-entered the consolidation zone and things were not looking good for Gold as its rival commodity,
Palladium, is soaring to new all-time highs.
Despite moving back into consolidation, the buyers did not give up and have again pushed price back up
and above the resistance level at $1,557. If there is a good amount of momentum built up then we should
see price approach the next resistance level at $1,611.
A breakout there will confirm a continuation to the upside and we should continue to see long-term
growth in the price of Gold.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
