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Deciphering Gold’s Charts: Signals Point to Upward Momentum
video Gold has a rest day as it trades inside day on Wednesday, with a high of 2,006 and a low of 1,987. Those are the price levels to watch as an indication as to the next direction. Clearly, gold is in an uptrend that began with a very strong 15-Day advance of 11.0%. Resistance was seen at 2,009, now an important pivot, as an advance above will trigger a continuation of the bullish trend. Support of the 50-Day (orange) was successfully tested as support recently, along with the completion of a 38.2% retracement. chart A bullish weekly signal triggered this week as gold tests resistance around the trend high. ... (full story)