Gold Test of First Support After Stall Below 2600
Gold rode a strong trend through the weekly open but buyers haven't yet been able to press into the 2600 psychological level.
Those big figures have played a large role in Gold's price action this year. The massive breakout in March-April stalled at 2400 with buyers unable to gain acceptance. But, the corresponding pullback couldn't make much ground below 2300 either, and support built there through the first couple months of Q2. In Q3, bulls pressed forward and in mid-August we had our first ever test of the 2500 level. Price stalled at that point with Gold building a fairly consistent range that held all the way into last Thursday, when another breakout hit on the back of the European Central Bank's rate cut.
Since then and until this morning, there's been only minor pullbacks. This morning has shown a clean 23.6% pullback of the September move but the question persists as to whether that's enough to draw fresh buyers into the equation.
The 38.2% retracement of that move plots around the 2550 minor psychological level and that's the next spot down if buyers can't hold the bounce. And below that is the 50% mark of that move, confluent with prior range resistance around 2531, which I'm spanning down to 2527 to create a possible support zone. - js
Those big figures have played a large role in Gold's price action this year. The massive breakout in March-April stalled at 2400 with buyers unable to gain acceptance. But, the corresponding pullback couldn't make much ground below 2300 either, and support built there through the first couple months of Q2. In Q3, bulls pressed forward and in mid-August we had our first ever test of the 2500 level. Price stalled at that point with Gold building a fairly consistent range that held all the way into last Thursday, when another breakout hit on the back of the European Central Bank's rate cut.
Since then and until this morning, there's been only minor pullbacks. This morning has shown a clean 23.6% pullback of the September move but the question persists as to whether that's enough to draw fresh buyers into the equation.
The 38.2% retracement of that move plots around the 2550 minor psychological level and that's the next spot down if buyers can't hold the bounce. And below that is the 50% mark of that move, confluent with prior range resistance around 2531, which I'm spanning down to 2527 to create a possible support zone. - js
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