-
Gold Defends Key Horizontal Support
The appetite for commodities influenced by rumors from China that it will be ending its zero-Covid policy is helping Gold. And when we look at the chart, we can see that, boy, Gold really needed that help. Gold is one step from a major trading signal. Which way will this trading signal go, well this is what we are about to find out. This week was crucial as XAU defended the long-term bullish stronghold on the 1617 USD (yellow). For the third month in a row, buyers are using this level to initiate a correction, so far with success. It’s clear that the breakout of that level will mean a long-term sell signal. ... (full story)