Gold Needs Something Special to Power Through the Key Resistance

Gold Needs Something Special to Power Through the Key Resistance

$XAU $GLD

August Gold gaped higher early Thursday, then faded finishing at, + $5.05 higher +0.4 % at $1427.85 oz

Not a surprise because because of the resistance in here, so, it is going to take something special to power this market higher.

Gold looks to be consolidating to build up enough pressure to finally break above the $1450 mark. The support is at $1390, and then again at the $1350 region as it is the Gap on the chart.

Price of Gold Video 19.07.19

The 50-Day EMA is starting to rally, so it is just a matter time before the buyers come back.

With central banks around the world looking to cut interest rates, it makes sense that precious metals will continue to rally, not only gold but also silver which we have seen act very strong lately.

Buying dips is the strategy in here recognizing that there is a lot of Noise out there, always tune out the Noise.

The pattern suggests that we will not see gold falling any significant amount or time. Look at pullbacks as value and continue to take advantage of them to add value to the portfolio.

Longer-term, we expect a test at $1500, and a break well above that mark.

HeffX-LTN’s overall technical outlook for GLD is Bullish to Very Bullish in here.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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