The price of spot gold in $ terms has recently pulled back from YTD peaks at $2,067, a whisker south of the all-time highs for the precious metal at $2,075. Should we break the $1,999 low (5 May) this week, this exposes support at $1,982, which aligns with a 100% projection at $1,983 (equivalent AB=CD support). Though overthrowing this barrier opens the door to support at $1,949, a level accompanied by trendline support drawn from the low $1,616 and a 1.618% Fibonacci projection at $1,944 (marking out a potential alternate AB=CD support level).
Consequently, a break of $1,999 this week unearths a potential bearish setting (albeit against the overall trend) to at least $1,982 support, a move which will likely be fuelled on the back of short-term stops beneath $1,999 and breakout sellers. However, as said, the direction of this market remains firmly to the upside, therefore support at $1,982 and $1,949 will likely remain key levels for dip-buyers this week if tested to eventually take on higher levels and confront the all-time high of $2,075.
Consequently, a break of $1,999 this week unearths a potential bearish setting (albeit against the overall trend) to at least $1,982 support, a move which will likely be fuelled on the back of short-term stops beneath $1,999 and breakout sellers. However, as said, the direction of this market remains firmly to the upside, therefore support at $1,982 and $1,949 will likely remain key levels for dip-buyers this week if tested to eventually take on higher levels and confront the all-time high of $2,075.
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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.