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$1,850 gold maybe more important than ever

Jonathan Da Silva

Kitco Commentaries | Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

Commentaries & Views

$1,850 gold is garnering more importance for metals bulls this week than perhaps it ever has. A look at the below weekly chart will show $1,850 currently coinciding with a trendline going back to August 2021. Price broke below the line but has recovered; Price is now sitting just above that trendline, just above $1,850.

Traders may take positions on either the long or short side, using the $1,850 mark as a basis for managing risk; continued volatility should be expected. In this traders opinion, gold bulls should be given benefit of doubt that a run to $1900 will manifest, unless and until the bottom trendline is breached to the downside again.

Thanks and have a great day,

By Jonathan Da Silva

Contributing to kitco.com

Contact jdasilva@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.