Gold currently at a major resistance zone. 10 year, weekly chart $GC_F

By August 8, 2019 Gold Futures No Comments

Gold bugs have had to wait 6 years to get to a very critical resistance zone of 1488.8 – 1561.8. In my opinion, 1561.8 is the key level for gold to take another shot at 1900 and possibly higher. One factor you must keep in mind is that gold has had many, many reasons to “run” in the last several years, and didn’t. The old standard of gold being a “safe haven” seemed to have fallen by the wayside.

Let’s start with the original post (screen shot) I made in 2013. Take note of the posted support level of 1044.5 that comes from February, 2010. The low was put in at 1045.4, during November, 2015.

Click image to enlarge & open in a new window

2013 post

2013 post (screen capture)

 

 

 

 

 

 

Now, let’s look at the original chart that was posted on December 8, 2013.

Click chart to enlarge & open in a new window

Gold 2013

Gold 2013

 

 

 

 

 

 

Now to the current chart. For three and one half years gold has traded sideways in roughly a $150 range. It began the current move upward in May/June of 2019 and has been able to get through the first resistance level of 1488.8, albeit only one weekly candle.

One thing you should take from this current chart is just how powerful, and accurate, correctly drawn Fibonacci levels are.

Click chart to enlarge & open in a new window

Gold 10 year, weekly chart

Gold 10 year, weekly chart

 

 

 

 

 

 

At this point, the best way to have an idea of what gold will do here is to drill down to a daily chart, with a secondary Fibonacci drawing, to gauge the reaction at support and resistance levels.

Thanks for reading,

Dave

Leave a Reply

Time limit is exhausted. Please reload CAPTCHA.