Gold Holding Above The Weekly 50SMA
Gold has created a pattern on the weekly timeframe where it has been using the 50 simple moving
average as support and appears to have done so again last week.
Price did not exactly touch the 50sma but came close and used that zone as a support level. A bounce
off this area does not confirm that we will see a continuation to the upside but it prepares us in case
price does continue to climb.
The all-time high at $2075 at the beginning of August saw the start of a decline which turned into
consolidation and then price broke down through the consolidation support level. It was then that the
weekly 50sma was used as support.
If price does start to resume the uptrend then we have the $2000 round number above price and the
all-time high for price to break. These are strong levels of S/R that may prove difficult to break the first time.
Gold has the tendency to trend long-term but with periods of consolidation and deep pullbacks along the way up.
Gold just needs some patience while it gathers momentum.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
average as support and appears to have done so again last week.
Price did not exactly touch the 50sma but came close and used that zone as a support level. A bounce
off this area does not confirm that we will see a continuation to the upside but it prepares us in case
price does continue to climb.
The all-time high at $2075 at the beginning of August saw the start of a decline which turned into
consolidation and then price broke down through the consolidation support level. It was then that the
weekly 50sma was used as support.
If price does start to resume the uptrend then we have the $2000 round number above price and the
all-time high for price to break. These are strong levels of S/R that may prove difficult to break the first time.
Gold has the tendency to trend long-term but with periods of consolidation and deep pullbacks along the way up.
Gold just needs some patience while it gathers momentum.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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