Gold Bouncing Back!
Gold is acting as expected following its bounce off the weely 50 simple moving average zonal support area.
During that period, price did drop below the daily 200 simple moving average and that move could have
influenced traders to panic and exit positions prematurely.
Looking at the higher timeframe, which in this case is the weekly chart, allows us to look at the market
more objectively. Once we become objective, we are in a position to make sound investment decisions
that should over time result in healthy consistent returns.
Price is looking strong so far this week and is now fast approaching the $2000 round number which may
act as strong resistance again.
If price is able to break this resistance zone, then it has the all-time high at $2075 to contest with.
The recent deep pullback is part and parcel of the behaviour of Gold and if price is to repeat itself
then we should see new record highs created in the coming weeks/months.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
During that period, price did drop below the daily 200 simple moving average and that move could have
influenced traders to panic and exit positions prematurely.
Looking at the higher timeframe, which in this case is the weekly chart, allows us to look at the market
more objectively. Once we become objective, we are in a position to make sound investment decisions
that should over time result in healthy consistent returns.
Price is looking strong so far this week and is now fast approaching the $2000 round number which may
act as strong resistance again.
If price is able to break this resistance zone, then it has the all-time high at $2075 to contest with.
The recent deep pullback is part and parcel of the behaviour of Gold and if price is to repeat itself
then we should see new record highs created in the coming weeks/months.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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