Gold price back in its month long range
The gold price has slipped back today and is now firmly back in its month long trading range. On the hourly chart you can see that for the past 4 weeks the gold price has held a pretty tight trading range.
Gold $ (hourly):
As you can see there has been one break to downside of the range, and one break to the upside of the range, but by and large gold is for now figuring out which way it wants to break.
Aside from those two breaks $1777 marks the top of the range and $1755 marks the bottom.
At the moment it’s hard to see just what/where the impetus will be to get gold above that $1792 level that we cited yesterday. But if the last 5 years has taught us anything it can come out of leftfield and fast.
Should we break to the downside $1735 should put up some pretty decent support.
That €1370 level is still being defended well by the bulls, but like $ gold is finding it hard going to get a move higher to stick.
The £1100 level is still holding well but when we do see gold pop higher we’re seeing the sellers move in pretty quickly.
The scores on the door for 2012 so far:
$ gold: up 13%
€ gold: up 14%
£ gold: up 10%
- Gold price about to re-enter its long-term trading range
- Gold price falls back to bottom-end of its trading range… (nobody surprised at all)
- Déjà Vu all over again as the gold price heads back down to support range of $1630-20
- Gold price falls back to long-term support
- Will a higher oil price break gold out of its range?
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-back-in-its-month-long-range-8342/