WE’RE AT A PRICE RESISTANCE AREA FOR GOLD
The Gold market is, in a way, the opposite of the Crude Oil market I reported on yesterday.
For Crude Oil, the trend is upwards and the recent news has aided that movement by providing strong support on the price retracements.
However, for the Gold market we have a strongly down trending market for the long-term that has been aided by recent Middle East war news and provided support for the upwards retracement that’s under way right now.
Despite the glut of bullish news that’s floating about cyberspace, Gold, in fact, is presently in an upwards retracement and has reached it’s critical price point of resistance.
From here, there’s a strong inclination that Gold will peak out and start to drop again to resume it’s downward trek.
Let’s take a look at Gold prices and their recent trend upwards.
Gold prices moving above $1425 (the green line) will signal a strong continuation and new real trend upwards in price.
Prices dropping below the red line beneath the market (at this writing) will indicate a continuation of the downwards trend in Gold prices. – George