Gold - Bulls Stalled at 2500 But They're Not Out of the Game Yet
Gold has put in a massive move since the current rally began last October and since the March breakout there hasn't been much for pullbacks. It was quite range-bound in Q2 but buyers continued to hold the line, continuing to build support at the 2300 level until eventually another breakout showed to test the next major psychological level-up at 2500.
Since then and over the past three weeks, buyers haven't been able to break much fresh ground and there hasn't been a weekly close over 2512 over that span of time.
But - price has remained well-defended with buyers continuing to show up at support, such as we saw last week. This keeps the door open for bulls but likely they will need a bit of help from tomorrow's US CPI report. - js
Since then and over the past three weeks, buyers haven't been able to break much fresh ground and there hasn't been a weekly close over 2512 over that span of time.
But - price has remained well-defended with buyers continuing to show up at support, such as we saw last week. This keeps the door open for bulls but likely they will need a bit of help from tomorrow's US CPI report. - js
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