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$1,850 gold maybe more important than ever

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.

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