Gold was affected by the strong selling in March due to the current pandemic but the
fast decline was cushioned by the daily 200 simple moving average.
Since the 20th March 2020, price has found its footing and regained the points that were
lost and has gone on to create new all-time highs.
The bullish move has appeared to have exhausted price for the time being as price has gone
into consolidation. The consolidation high is at $1,747 and proving difficult for price to
break through for now.
At the time of writing this, the sellers have pushed price back below $1,747 after the
buyers broke resistance. Price has the 20 simple moving average below as support,
so although the buyers are currently being beaten, they may gain momentum with
the aid of the moving average.
The overall trend is up on this timeframe and a break and close above a recent high
is all we need to confirm a continuation to the upside.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
fast decline was cushioned by the daily 200 simple moving average.
Since the 20th March 2020, price has found its footing and regained the points that were
lost and has gone on to create new all-time highs.
The bullish move has appeared to have exhausted price for the time being as price has gone
into consolidation. The consolidation high is at $1,747 and proving difficult for price to
break through for now.
At the time of writing this, the sellers have pushed price back below $1,747 after the
buyers broke resistance. Price has the 20 simple moving average below as support,
so although the buyers are currently being beaten, they may gain momentum with
the aid of the moving average.
The overall trend is up on this timeframe and a break and close above a recent high
is all we need to confirm a continuation to the upside.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
