Gold: Three Accelerating Up Trend Lines and Support

24 сент.

For consideration: Hold if currently owned. If not, buy at $2,550, a 2.9% decline from the current price. This price touches the current up trend line. Put a stop loss at $2,500. Ride the up trend and sell with a material penetration. The trend is a series of three accelerating up trends so the steepness indicates it may not be sustainable. Plus, RSI has touched 70 twice recently meaning it's getting overbought. Note the two resistance and support levels at $2,288 and $2,072: 13% and 21% price declines respectively. If prices bounces off either of these supports, buy. These are my technical ideas based on price and trend analysis. I could be wrong and would be careful with such a steep existing trend established.