Gold has significant support at $1727 and resistance at $1831
Gold has been stuck in a sideways channel since June 2021. There is significant support for gold around $1727 which was the price near the beginning of COVID before breaking $2000.
There are strong support lines proving a ceiling around $1831. It seems we will be retesting this support level in November or December of this year. If $1831 is broken, it seems the sky is the limit for gold and we will quickly re-test all time highs.
My belief is that the lower blue lines will not be broken for the foreseeable future. I would guess that we break the upper orange line before the bottom orange line and inevitably complete a cup and handle pattern.
I drew the green arrow in June or July of 2021. I believe it will hold up.
Thanks for reading.
There are strong support lines proving a ceiling around $1831. It seems we will be retesting this support level in November or December of this year. If $1831 is broken, it seems the sky is the limit for gold and we will quickly re-test all time highs.
My belief is that the lower blue lines will not be broken for the foreseeable future. I would guess that we break the upper orange line before the bottom orange line and inevitably complete a cup and handle pattern.
I drew the green arrow in June or July of 2021. I believe it will hold up.
Thanks for reading.