Vi använder en mängd olika cookies för att du ska få den bästa användarupplevelsen. Genom kontinuerlig användning av denna webbplats godkänner du vår användning av cookies. Du kan läsa mer om vår policy för cookies och redigera dina inställningar här eller genom att följa länken längst ner på alla sidor på vår webbplats.
Gold gains ground, yet resistance worth considering
Gold has seen another sharp move higher, in a continuation of the risk-off move that has been dominating the markets over the past week. The overnight retracement has been very shallow, moving into the 23.6% pullback and trendline support this morning. Should this mark the low of the morning, it would be a particularly bullish sign.
However, looking at a wider perspective, we are moving into an interesting long term resistance zone. The 76.4% retracement of the November 2016 high ($1337) to December 2016 low ($1123) coming in around the current price, at $1287. Alongside that major resistance level, we also have a crucial long-term descending trendline to contend with (currently $1291). As such, while we have a clear uptrend in place, this major area of resistance is worth noting as a potential roadblock to end the week. With that in mind, watch out for the continued creation of higher highs and higher lows. A break from that trend could be a signal that this long term resistance area is going to have an impact on shorter term price action. Until then, the uptrend remains in place.