Gold: Hangover with a cure in sight
The gold market seems to still feel the aftereffects of its New Year’s Eve party in its bones. After a period of rise into the blue area between $1816 and $1865, we primarily expect the price to lose steam and fall below the support lines at $1753, $1721 and $1673. Alternatively, the celebratory mood could last, so that the gold price could reach even higher goals with arrival at the resistance line at $1879. This possibility features a probability of 35%.
All in all, the gold market stays true to our primary scenario and enforces further descent. The price should then reach and even break through $1753.
All in all, the gold market stays true to our primary scenario and enforces further descent. The price should then reach and even break through $1753.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.