Can Gold Regain $1700?

30 wrz 2022Gold prices have lifted as risk-off assets rally. We have clawed our way back through the mid $1600's and have hit $1683. We appear to be encountering resistance here, which is to be expected as this is a major level. The Kovach OBV has risen, but has flatlined, indicating that we will need more momentum to properly break out. If so, $1692 is our next target, and we are sure to encounter further resistance as we head toward the $1700 handle. If we retrace, anticipate support at $1670 or $1658.