Gold had an attempt at the August 2020 all-time high at $2075 this month but has
come short of even breaking through this level.
Price was only $5 away from having a shot at creating a new record high, but the
sellers came in strong to ensure that never happened.
What does this mean for price now? Since there has been some short-term weakness,
we want to identify areas of support that price may come to. This support could act
as a springboard that helps to push price back towards this all-time high resistance level.
Price is now trading below the $2000 round number, so the next level of support based
on this timeframe is the previous all-time high from September 2011 at $1920.
There is another level just before that, which is also classified as a strong level of support,
and that is last year’s high at $1959.
We will have to keep an eye on Gold because if there is a breakout, we could be in store
for a long-term trend lasting several years.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
come short of even breaking through this level.
Price was only $5 away from having a shot at creating a new record high, but the
sellers came in strong to ensure that never happened.
What does this mean for price now? Since there has been some short-term weakness,
we want to identify areas of support that price may come to. This support could act
as a springboard that helps to push price back towards this all-time high resistance level.
Price is now trading below the $2000 round number, so the next level of support based
on this timeframe is the previous all-time high from September 2011 at $1920.
There is another level just before that, which is also classified as a strong level of support,
and that is last year’s high at $1959.
We will have to keep an eye on Gold because if there is a breakout, we could be in store
for a long-term trend lasting several years.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
