Home Commodities Gold Needs Something Special to Power Through the Key Resistance

Gold Needs Something Special to Power Through the Key Resistance



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…

Previous articleDJIA Could Top 30,000 with USMCA, Interest Rate Cuts
Next articleAustralia: S&P/ASX 200 (.AXJO) shares closed lower after a flat unemployment figure reduced the likelihood of the Reserve Bank of Australia cutting rates
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.