Happy Friday traders,
It’s been a shaky several days across the indexes lately, but what’s our old friend GOLD up to? Let’s take a look at a weekly chart.
After breaking out of our downtrend line last year you can see it’s remained relatively range-bound, not presenting any really convincing longer term setups… Until now. We’re seeing price again approach an area of long term resistance highlighted on the chart above. If price manages to break through this resistance, we could see some great buying opportunities present themselves.
I’m overall bullish, but yet to be convinced.
Stay tuned for updates and safe trading folks.
Austen P – Vantage FX
Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the forex trading account of the reader. We always aim for maximum accuracy and timeliness, and Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.
Source: Vantage FX Blog