Gold continues to shine in buying and selling this week

I have been on this for some time now with the most recent put up yesterday right here: Gold extends rebound for a fourth day running

It has been a somewhat simple rebound since testing the 100-day transferring common (purple line) for gold. That sees value run as much as $2,031 as patrons look to maintain the bounce going. The following key degree to observe would be the trendline resistance nearer to $2,051 presently.

Not a lot has modified from yesterday however this has been one of many extra fascinating charts in buying and selling this week. As such, do hold the next consideration in thoughts as gold appears to be like to trace greater in the meanwhile:

“The rebound off the 100-day moving average has been a textbook trade for chartists. But there is a potential pattern forming which is showing lower highs and lower lows. That could come back to bite at gold for a bit before we can really talk about a major breakout to $2,100 and beyond again.”