Gold continues to trade in a narrowing triangle pattern within the larger flat bottomed triangle correction from September 2011.
Yesterday the market found resistance in the mid-1580s and support at 1569, though today has hit 1590 with the 20 DMA again providing some resistance. With the 50 DMA and 1600 round number above as well as previous swing highs, there is still a lot of resistance for the market to overcome, especially in the face of falling equities and oil and a rising dollar.
However, gold has held up remarkably well over the last few trading sessions, even though fresh buying power is absent.
Today's video looks at the triangle pattern in more detail and our strategy for our next trade.
Yesterday the market found resistance in the mid-1580s and support at 1569, though today has hit 1590 with the 20 DMA again providing some resistance. With the 50 DMA and 1600 round number above as well as previous swing highs, there is still a lot of resistance for the market to overcome, especially in the face of falling equities and oil and a rising dollar.
However, gold has held up remarkably well over the last few trading sessions, even though fresh buying power is absent.
Today's video looks at the triangle pattern in more detail and our strategy for our next trade.