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.
Latest posts by Paul Ebeling (see all)
- The 5 Safest Cities in the World - October 13, 2019
- Box Office: ‘Joker’ Laughs with another $55-M in North America - October 13, 2019
- US Q-3 Earnings, Here They Come - October 13, 2019