Strong resistance shown on the weekly and monthly charts..... including the 2016, 2017, 2018 highs.
A break of the neckline on the monthly chart could open the way for a breakout to much higher levels.
Daily chart still indicates the bullish trend is still intact and well supported by the lower channel.
Any kind of test of resistance between $1350 and $1375 will be strongly defended by bears attempting to defend these key levels.
Gold fundamentals are strong, but a break above will require some supporting factors; a sharp decline of the USD, the realization of a global recession, Fed policy; interest rate cuts and QE? Risk aversion from US equity markets.
Might not hurt to hedge those gold longs....
A break of the neckline on the monthly chart could open the way for a breakout to much higher levels.
Daily chart still indicates the bullish trend is still intact and well supported by the lower channel.
Any kind of test of resistance between $1350 and $1375 will be strongly defended by bears attempting to defend these key levels.
Gold fundamentals are strong, but a break above will require some supporting factors; a sharp decline of the USD, the realization of a global recession, Fed policy; interest rate cuts and QE? Risk aversion from US equity markets.
Might not hurt to hedge those gold longs....
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