Historical Test For Gold In Play!

Global Markets Commodities Oil and Gold
1

gold-historical-kiss-taking-place
gold-historical-kiss-taking-place768×382 64.8 KB

Gold is testing a key inflection point that could determine where it is months and months from now!

Gold has created a series of lower highs over the past 8-years just below line (A). The rally over the past 4-months has gold testing the underside of this falling resistance line as well as the underside of line (B) at the same time.

Gold looks to be facing a historical kiss of resistance at (1), with momentum at lofty levels.

Gold bulls would love to see it breakout at (1)!

If it would breakout at (1), look for Silver and miners to go along with it. Historically this looks to be a very important price point for the metals sector.

2 Likes
2

Thanks Panda, my sentiment as well, thinking not wishing but that the USD will come down shortly and sharply by election rhetoric.

3

Resistance was tested but still not breached. Does it means that we are going to see some trend reversal in this case? And if we face resistance break in the future, does it mean that we might see Gold headed toward new historical highs?

4

I shorted it for a reversal from the resistance level, which is has begun to reversal, but I expect only a partial retrace and then price to break up and out. So short term short and long term long is my position.