Home Commodities Gold Prices Hitting The Top of the Channel

Gold Prices Hitting The Top of the Channel

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$XAU, $GLD

Last week Gold markets went back and forth doing almost nothing.

But, am seeing a bit of resiliency over the last month, as the 1450 mark has been Very Strong support. The 38.2% Fibo retracement mark is right there, as is the Top of the prior ascending triangle.

Ultimately, this is a market that we believe continues North over the longer term based upon sentiment negativity.

Plus, this market will be moving mainly due to the US-China trade resolution and of global growth.

Gold Outlook Video 23.12.19

While the Americans and the Chinese have agreed to agree but have not yet inked P-1 of the deal, we believe based on President Trump’s abilities and signals that the deal will happen.

This is a market that that should continue to be moved upon by risk appetite.

We are in the holiday season so therefore volume is going to be light. Because of this, a sudden headline could throw this market into chaos, so be very cautious about put serious money until gold marks above the 1500 mark to the Northside or break down below the 1440 mark to the Southside.

So, open Christmas presents and celebrate Hanukkah now.

Have a Happy Holiday Week

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