Gold again failed to break through resistance at the 20DMA and sold off hard yesterday after the PM fix in London.
There is a solid band of support from 1525-1550 and we would be very surprised to see gold fall below this. If this support area fails, then the price of gold is heading much lower. Any drop below 1525 would be an obvious short play.
We expect this level to hold and the basing process in gold to continue and anticipate higher prices in the months to come.
There is a solid band of support from 1525-1550 and we would be very surprised to see gold fall below this. If this support area fails, then the price of gold is heading much lower. Any drop below 1525 would be an obvious short play.
We expect this level to hold and the basing process in gold to continue and anticipate higher prices in the months to come.