LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

COT Gold, Silver and US Dollar Index Report - September 20, 2019
By: GoldSeek.com

Fed’s Gold-Bull Impact
By: Adam Hamilton, Zeal Research

GoldSeek Radio Nugget: Michael Pento Ph.D.
By: Chris Waltzek Ph.D., GoldSeek Radio

Panicky Fed Flooding Overnight Markets with Cash
By: Mike Gleason

Semiconductor Sector; a Market & Economic Leader
By: Gary Tanashian, NFTRH

Gold Consolidates As The Fed Loses Control
By: Stewart Thomson, Graceland Updates

Precious Metals Update Video: Gold consolidating, watching recent lows
By: Ira Epstein

Serious Inroads, But Still Unfinished Business
By: Ted Butler

A Message to My Former Colleagues at Overstock
By: Patrick Byrne

Repo Rates And Gold: Something Big Is Happening
By: Dave Kranzler

 
Search

GoldSeek Web

 
Finally… Gold Breaks out Through Key 5-year Resistance Level


 -- Published: Thursday, 20 June 2019 | Print  | Disqus 

 - Steve St. Angelo, SRSrocco Report

 

After five long years, the gold price has finally broken through a key resistance level and is now heading towards $1,400.  When the Fed announced possible rate cuts starting in July, after the market closed, the gold price shot up and continued higher during Asian trading.  If gold closes above $1,400 by the end of the month, it could be setting the stage for another large bull market.

 

While many precious metals investors don’t follow technical analysis, traders and major markets movers are certainly paying attention. And, the gold price has been stuck below the key $1,360 technical level for the past five years:

 

 

You will notice that the black dashed line at $1,360 hasn’t been broken (closed above it on a monthly basis) since 2014.  While the gold price has shot above $1,360 on several occasions, it has not closed above that line on a monthly basis since 2013.  This chart shows the gold price as of the close at 2 pm today.

 

Traders have been watching the gold technical levels for years and are now getting serious as the BREAKOUT above $1,360 is a KEY LEVEL of RESISTANCE.  If we look at a longer Gold Monthly chart going back until 1981, you will see what I mean:

 

 

When gold fell below $700 back in 1981, it stayed below it for more than 26 years.  However, when it finally broke above it in 2007, it shot up to $1,000.  Then we see the next two BREAKOUT LEVELS.  When gold fell below the $1,360 level in 2014, it has stayed below it, but has been bouncing off the rising BLUE TREND LINE.

 

Also, over the past several years, gold has been trading in an ASCENDING TRIANGLE (blue & black dashed lines).  Once an ascending triangle is broken above the top line, it can be very bullish for the price action.  The next chart shows the BREAKOUT that took place during Asian trading as gold price hit $1,390+ :

 

 

If the gold price closes well above the $1,360 level, that will be quite positive for the price action going forward.  So, it will be interesting to see what happens during trading in the U.S. markets tomorrow.

 

 - SRSrocco Report


| Digg This Article
 -- Published: Thursday, 20 June 2019 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.