Gold Facing Tremendous Resistance
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Featuring views and opinions written by market professionals, not staff journalists.
Gold pulled back to a low of 1283.1 at the end of yesterday's session and posted a low of 1283.2 early in today's. Equity markets, the Dollar and Treasury yields all grinded higher through yesterday's session and encouraged a short term fail in Gold just shy of the 1300 level. As we discussed yesterday Gold has tremendous long term resistance overhead from a trend line dating back to its all-time high in 2011 and this first test was unable to punch through, partly because Gold’s recent push became too relevant. We also have the 50 day moving average coming in at 1244.5 and trailing the 200 dma at 1267.7; we believe this is building for the Golden Cross. Housing data was mixed this morning.
Resistance – 1300-1302.1**, 1309.3**, 1317.7**
Pivot - 1290.7
Support – 1280.8**, 1267.7-1273.3****, 1253.9-1254.7*, 1248.2**, 1241.5-1244.5***