Gold Builds Early Bullish Momentum!
Gold has been resting well, and the rest may have given new life to the
bullish momentum as we are starting to see some progress this month.
An all-time high formed in August 2020 at $2075, and from there,
we saw a decline down through the $2000 psychological area of
support/resistance and below the 50 simple moving average.
Price formed an area of consolidation and formed a base just below
$1700 in March 2021. Price hit this level again in August 2021,
and this bounce from support has given price some much-needed momentum.
We have the $2000 round number above price, which may act as
resistance. If price makes it above this hurdle, then we have the
all-time high resistance at $2075, which may also act as an obstacle.
As price has formed a base in the consolidation zone, a breakout
of the the high or low will give us an indication of where price may go next.
The prior trend was bullish, so we are anticipating a bullish breakout.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
bullish momentum as we are starting to see some progress this month.
An all-time high formed in August 2020 at $2075, and from there,
we saw a decline down through the $2000 psychological area of
support/resistance and below the 50 simple moving average.
Price formed an area of consolidation and formed a base just below
$1700 in March 2021. Price hit this level again in August 2021,
and this bounce from support has given price some much-needed momentum.
We have the $2000 round number above price, which may act as
resistance. If price makes it above this hurdle, then we have the
all-time high resistance at $2075, which may also act as an obstacle.
As price has formed a base in the consolidation zone, a breakout
of the the high or low will give us an indication of where price may go next.
The prior trend was bullish, so we are anticipating a bullish breakout.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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