Will Gold Be Defeated?
The previous all-time high from September 2011 at $1920 is playing
a major role in price action yet again. Price reacted to this level in March 2022,
where the high of that candle also tagged the current all-time high at $2075.
Price failed at both resistance levels and went on a decline, creating a low
at $1614 in September 2022. November 2022 through to the current month
have been bullish, bringing us to where price is now.
During the month, price has traded above $1920, but as we are nearing the
end of the month, the sellers have pulled price down to this level where it
could be acting as support on the daily timeframe.
Despite the bullish impulsive moves over the last three months, remember that
a long-term consolidation is still in play from September 2011. Until we see
a trend emerge above the all-time high, expect turbulence and volatility along the way.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
a major role in price action yet again. Price reacted to this level in March 2022,
where the high of that candle also tagged the current all-time high at $2075.
Price failed at both resistance levels and went on a decline, creating a low
at $1614 in September 2022. November 2022 through to the current month
have been bullish, bringing us to where price is now.
During the month, price has traded above $1920, but as we are nearing the
end of the month, the sellers have pulled price down to this level where it
could be acting as support on the daily timeframe.
Despite the bullish impulsive moves over the last three months, remember that
a long-term consolidation is still in play from September 2011. Until we see
a trend emerge above the all-time high, expect turbulence and volatility along the way.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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