Gold Remains Bullish Above 1875

Gold Remains Bullish Above 1875

Key Support: 1890 – 1870
Key Resistance: 1910 – 1925

Gold has been in a very strong bullish move since the beginning of April (+13.78% move) breaking with the long term bearish structure it had been trading in since it hit all time highs back in August 2020.

The last time we broke with a new high and held it as support was back in May 16th and when that happen Gold rallied 2.5% to create a new high around 1890.

This high was eventually broken with on Tuesday and right now we are retesting it as support. Historic price action suggests a 2% move to at least 1920 (green line). With the DXY (US Dollar Currency Index) still trading in a very structured bearish move and talks of QE tapering hitting the wires, metals could in fact start to rally really hard.

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Author : Orlando Gutierrez

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