Gold winds up - Bears with more room to run, 1831, 1810, 1783
Gold set a fresh two-month-low this week. Support played in off of a prior swing low at 1854 but, the bounce from that level was cut short as price action started to find resistance at a spot of significant support.
That support spans from the 1900 level up to 1923.70, which was the all-time-high for a decade before Gold burst through that level in the summer of 2020. After that breakout, this zone became support and, then in the summer of 2021, resistance.
When Russia was lining the Ukrainian border with tanks Gold prices started to jump again and there was considerable resistance in the 1900-1923.70 area before buyers were finally able to force a break.
But, as we saw a couple of years ago, buyers didn't have much push beyond the 2k psychological level and this time, a lower high printed, at 2078.80 versus the prior high at 2089.20. And, when prices were scaling down, 1900-1923.70 was there for support and this pretty much held through mid-March until sellers were finally able to break-below on April 25.
But, what's notable about this week - it's the first where sellers were able to push prices off of this zone as resistance after setting a fresh low. There's been a symmetrical wedge building, but I'm approaching this in a bearish manner, expecting sellers to retain control of the matter. Current support is the 1854 swing - but below that is a Fibonacci level at 1831. After that, there's another swing around 1810, and a key spot of support around 1784.
That support spans from the 1900 level up to 1923.70, which was the all-time-high for a decade before Gold burst through that level in the summer of 2020. After that breakout, this zone became support and, then in the summer of 2021, resistance.
When Russia was lining the Ukrainian border with tanks Gold prices started to jump again and there was considerable resistance in the 1900-1923.70 area before buyers were finally able to force a break.
But, as we saw a couple of years ago, buyers didn't have much push beyond the 2k psychological level and this time, a lower high printed, at 2078.80 versus the prior high at 2089.20. And, when prices were scaling down, 1900-1923.70 was there for support and this pretty much held through mid-March until sellers were finally able to break-below on April 25.
But, what's notable about this week - it's the first where sellers were able to push prices off of this zone as resistance after setting a fresh low. There's been a symmetrical wedge building, but I'm approaching this in a bearish manner, expecting sellers to retain control of the matter. Current support is the 1854 swing - but below that is a Fibonacci level at 1831. After that, there's another swing around 1810, and a key spot of support around 1784.
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