Gold's Multiple Resistance Zones
Commodities / Gold and Silver 2016 Aug 07, 2016 - 06:35 PM GMTBy: Gary_Savage
Gold has multiple resistance zones at the 1380-1400 level. It’s going to take some work to break through these. Gold will need some help from the dollar, which it will eventually get as the dollar will be due for its intermediate cycle low by the end of September or early October. Once the breakout occurs, gold should make a beeline for the 50% Fibonacci retracement, and then maybe to $1550 before this intermediate cycle tops.
Price is trapped between the 200 week moving average and the bear market trend line. I’m going to say that there is almost no chance of gold dropping back below the 200 WMA for the rest of this bull market.
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Gary Savage
The Smart Money Tracker
Gary Savage authors the Smart Money Tracker and daily financial newsletter tracking the stock & commodity markets with special emphasis on the precious metals market.
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