Gold Markets Weekly Technical Analysis
Gold has rallied towards the $2,400 level, which is a major resistance barrier. The $2,400 level has offered quite a bit of selling pressure multiple times now, so it’ll be interesting to see whether or not we can break above there. Keep in mind that we did initially fall during the week, but we have seen enough strength to turn things around and show signs of life in general.
This is a market that I believe has a significant amount of support underneath, and the $2,300 level, which of course is an area that’s been tested multiple times. But the market has been extraordinarily bullish for quite a while. So, I look at this as one of two things getting ready to happen. We are either going to see a breakout or we’re going to see further consolidation.
