Can Gold Catch Its Momentum Again?
Gold was looking strong at the start of the year after having bounced off the daily
200 simple moving average in December. It did appear as though the bullish momentum
was going to push price up towards the all-time high at $2075 but the sellers are making
this task difficult right now.
We have to remember that price is in an area of consolidation so the constant up and down
swings are to be expected and although price has moved below the 200sma again, there is a
support level below that could keep price from falling any further.
This support level was formed from the November 30th 2020 low at $1764. Should price break
down below this level then we may see a decline in Gold all the way down to the weekly 200sma
which is currently at $1449, not too far below the $1500 round number support.
Patience needs to be applied with Gold because it has the tendency to move sideways for long
periods of time and then suddenly jump into action so we will be keeping a lookout for any
progress being made.
If price makes a swift return back above the daily 200sma then we may see a resumption of the
long-term bull trend.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
200 simple moving average in December. It did appear as though the bullish momentum
was going to push price up towards the all-time high at $2075 but the sellers are making
this task difficult right now.
We have to remember that price is in an area of consolidation so the constant up and down
swings are to be expected and although price has moved below the 200sma again, there is a
support level below that could keep price from falling any further.
This support level was formed from the November 30th 2020 low at $1764. Should price break
down below this level then we may see a decline in Gold all the way down to the weekly 200sma
which is currently at $1449, not too far below the $1500 round number support.
Patience needs to be applied with Gold because it has the tendency to move sideways for long
periods of time and then suddenly jump into action so we will be keeping a lookout for any
progress being made.
If price makes a swift return back above the daily 200sma then we may see a resumption of the
long-term bull trend.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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