Gold price holding steady around $1770 as the war drums start to beat loudly… everywhere
Back when the gold price was $1724 we saw little overhead resistance until the $1777 level:
As we speculated last week and this, there really isn’t much overhead resistance until we start getting around the $1777 level, which is where we’ll probably find the shorts camping out sometime next week.
And camp there they have, last Friday the gold price got as high as $1777 before some selling of note came into the market to take the price backdown to $1770. Then again today gold tried to break above $1777 but failed and again the gold price sold off to just below $1770.
Whilst not getting through the $1777 level at the first or second attempt the fact buyers are coming in and snapping at gold every-time gold dips below $1770 is certainly encouraging. The longer that can go on the more emboldened the bulls will be to take on that $1777 level with conviction.
Should $1770 not hold decent support can be found at the $1720 level.
So if last week was all about never-ending printing this week looks set to be dominated by beating war drums and mass protests. As a quick recap here’s what we’re talking about:
- Spain, Greece, and Portugal have git the streets to protest ‘austerity’
- Just about all the the middle-East jump on the anti-muslim film meme (Egypt, Libya, Tunisia, Morocco, Sudan, Lebanon, Pakistan)
- Not to mention outside the middle East (India, Balgadesh, Indonesia)
- …And the West (Belgium, UK Australia, Holland)
- Huge fire power by was of battleships in the Gulf
- Chinese protests bring Japaese companies there to close
- China sends 1000 boats to disputed island
The people are restless that’s for sure and the Japanese/China situation should be watched very closely to see how that develops.
- Gold price holding steady around the $1660 level
- Silver price holding steady above $30 – now up 10% on the year
- Gold price holding steady around $1730 (again) ahead of FOMC decision
- Gold price holding steady as market jitters and Italian woes linger on
- Gold price steady ahead of Ben Bernanke’s Jackson Hole speech
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-holding-steady-around-1770-as-the-war-drums-start-to-beat-loudly-everywhere-7948/