Gold to New Highs; Honoring Key Resistance Levels

Gold Daily

Gold hits $1362 in Overnight Trading

The long term daily chart above highlights two potential falling (slightly) resistance lines from the peaks of the last six years. These lines are represented in black and red. Of particular note is how gold has reacted to these lines in the last few weeks – honoring both to the tick. This trading action is more evident on the 4 hr chart (below).

Gold 4hr chart

The trading community is watching alertly for a break of this $1362 level, and especially the $1395-$1400 level, which is the 38.1% Fibonacci retracement from the 2011 peak to the 2015 low. If gold breaks above each of these levels there is blue sky above for a move to at least $1480.

About the author

I am the founder of fibonacci.com and an avid trader. I am also the co-founder of Texas Precious Metals, a top US precious metals company. In 2006 I was a contestant on The Apprentice with future president, Donald Trump. I live in Texas with my wife and five children, where I spend my time dodging snakes, changing diapers, and charting.

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