Gold failed to hold above 1780 after rising past this resistance level in early trading on Friday, selling off slightly as traders booked profits and closed positions at the end of the quarter.
It is interesting to note that gold has not sold off after coming up against strong resistance at 1780, as happened the last two times the market reached this level in November 2011 and February 2012. It appeared as though this was happenning on Thursday, however the market found support at 1738 and rebounded strongly.
This gives us encouragement that the market is, this time, poised to break through resistance and continue through to 1800 and beyond.
Today's video looks at the price action when gold last reached this resistance level and Friday's price action in more detail. Normally we only make our videos available to our paid subscribers, who also get our trading updates advising them of what we're doing in the market, but today we've released it to our blog readers so hopefully you too can benefit from our market insights.
It is interesting to note that gold has not sold off after coming up against strong resistance at 1780, as happened the last two times the market reached this level in November 2011 and February 2012. It appeared as though this was happenning on Thursday, however the market found support at 1738 and rebounded strongly.
This gives us encouragement that the market is, this time, poised to break through resistance and continue through to 1800 and beyond.
Today's video looks at the price action when gold last reached this resistance level and Friday's price action in more detail. Normally we only make our videos available to our paid subscribers, who also get our trading updates advising them of what we're doing in the market, but today we've released it to our blog readers so hopefully you too can benefit from our market insights.