In very quiet holiday trading, gold has drifted higher and appears to be forming a base above 1650. The market needs to reclaim the 200 DMA at 1661 as a first target and is currently trading around 1657.
Above the 200 DMA, the next resistance levels are the down trend line at 1670 and the 20 DMA at 1687. The price needs to get back above 1703 for the bulls to be firmly back in charge, though a close above the 200 DMA will alert traders that a temporary bottom is in place.
For our subscribers at www.goldtradingexperts.com, today's video looks at the resistance levels in more detail and the last few trading sessions price action.
Above the 200 DMA, the next resistance levels are the down trend line at 1670 and the 20 DMA at 1687. The price needs to get back above 1703 for the bulls to be firmly back in charge, though a close above the 200 DMA will alert traders that a temporary bottom is in place.
For our subscribers at www.goldtradingexperts.com, today's video looks at the resistance levels in more detail and the last few trading sessions price action.