Gold hits an 8-week high, but 1830 – 1835 remains pivotal

Gold broke above key resistance yesterday within a multi-month triangle, as momentum realigned with its long-term uptrend.

Gold 2

We continue to believe that gold saw a corrective low back in March 2021. And given its strong trend leading into the 2021 all-time high it is possible that we may see an upside break of the multi-month triangle which began forming in 2021. Regardless of whether any potential breakout occurs over the coming weeks or months, trend resistance still allows for further upside over the near-term.

In today’s video we look at the weekly chart of gold for some perspective, then drill down to the daily and intraday charts to highlight why the 1830 – 1835 zone is important for near-term direction.

 

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