Gold Finds Momentum From the 50sma
Gold is now making good progress after falling 14% from 9th March to 16th March 2020.
After moving below the 200 simple moving average, it was unclear whether price was going
to decline any further.
On the 23rd March, price returned back above the 200sma where it was finding a base and
the bullish momentum on that day was enough to push it above the $1,500 round number.
The momentum slowed down on the 26th March when price started to pull back but the 50sma
was there to provide some support. Since bouncing off the 50sma, price has regained momentum
showing further strength to the upside.
If we continue to see bullishness in price then the next area of resistance is $1,703. This is the
high from the 9th March. A break and close above this resistance will confirm a continuation to the upside.
The next level we would want to see price break through is $1,920 which is the current all-time high.
As for now let us see how price interacts with the approaching level of resistance and then invest accordingly.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
After moving below the 200 simple moving average, it was unclear whether price was going
to decline any further.
On the 23rd March, price returned back above the 200sma where it was finding a base and
the bullish momentum on that day was enough to push it above the $1,500 round number.
The momentum slowed down on the 26th March when price started to pull back but the 50sma
was there to provide some support. Since bouncing off the 50sma, price has regained momentum
showing further strength to the upside.
If we continue to see bullishness in price then the next area of resistance is $1,703. This is the
high from the 9th March. A break and close above this resistance will confirm a continuation to the upside.
The next level we would want to see price break through is $1,920 which is the current all-time high.
As for now let us see how price interacts with the approaching level of resistance and then invest accordingly.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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