Today may be another quiet day of trading due to the second day of the Jubilee public holiday in the UK.
We remain long from 1578 with our stop moved to break even.
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After Friday's spectacular performance, gold consolidated gains yesterday - finding resistance in the 1625 area as predicted. It is interesting to note that gold has held onto Friday's gains.
Today may be another quiet day of trading due to the second day of the Jubilee public holiday in the UK. We remain long from 1578 with our stop moved to break even.
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A quite extraordinary day on Friday, not only as gold powered higher by over $60 on the back of a feeble US jobs report, but that it did this as stocks and oil crashed lower and the dollar rose dramatically.
This may well be a watershed day and could be seen in years to come as the day gold came into its own as the ultimate safe haven. However, we need to see further buying to confirm the move and the lows for the correction. As it is, now our long position is showing a healthy profit and we've moved our stop up to break even. We are expecting further gains. Resistance stands at 1625, then 1670. Support is at 1600 and 1580. in a quiet day of trading yesterday, gold continues to build a base above the 1525-1535 support zone. The 20 DMA is providing the first level of resistance, with 1600 as key resistance.
A close above 1600 will see further buying interest come into the market. |
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August 2021
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