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Chart of the Day - Gold's Multiple Resistance Zones


 -- Published: Sunday, 7 August 2016 | Print  | Disqus 

By Gary Savage

Gold has multiple resistance zones at the 1380-1400 level. Itís going to take some work to break through these. Gold will need some help from the dollar, which it will eventually get as the dollar will be due for its intermediate cycle low by the end of September or early October. Once the breakout occurs, gold should make a beeline for the 50% Fibonacci retracement, and then maybe to $1550 before this intermediate cycle tops.

Price is trapped between the 200 week moving average and the bear market trend line. Iím going to say that there is almost no chance of gold dropping back below the 200 WMA for the rest of this bull market.

GOLD'S MULTIPLE RESISTANCE ZONES

http://blog.smartmoneytrackerpremium.com/

 


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 -- Published: Sunday, 7 August 2016 | E-Mail  | Print  | Source: GoldSeek.com

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