Gold Finding Momentum!
At the moment Gold is still in consolidation but taking a closer look we can see that price
is looking strong and finding its footing at a support base.
If we look at the support base formed in April/May 2019, we can identify the trend that followed
which saw a 22% rise in the price of Gold.
After big moves we usually see exhaustion in the market and in the case with Gold, price went into
consolidation and remains that way but that may not be the case for too long.
A support base has been formed in November 2019 and we can now see a potential trend emerging.
This, however, will not be confirmed until we have a break and close above the current major high
at $1,557 from the 4th September 2019.
With nice momentum on Christmas Eve and a potential close above the $1,500 round number,
Gold may be on its way to breaking the recent major high and eventually go on to make new record highs.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
is looking strong and finding its footing at a support base.
If we look at the support base formed in April/May 2019, we can identify the trend that followed
which saw a 22% rise in the price of Gold.
After big moves we usually see exhaustion in the market and in the case with Gold, price went into
consolidation and remains that way but that may not be the case for too long.
A support base has been formed in November 2019 and we can now see a potential trend emerging.
This, however, will not be confirmed until we have a break and close above the current major high
at $1,557 from the 4th September 2019.
With nice momentum on Christmas Eve and a potential close above the $1,500 round number,
Gold may be on its way to breaking the recent major high and eventually go on to make new record highs.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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