opinion

Gold : intraday update

Kitco Media
By Jonathan Da Silva
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Gold is threatening to break over resistance in the $1,845 area now, which aligns with the 200-day mov avg. (blue). A close above $1,845, or better yet $1,850, this week opens the door for gold to retrace back to the $1,880 area – its 50-day mov avg. (orange). A failure would keep the bears in control.

Notice the confluence of resistance building at $1,880-85 with the downward trend line starting back at the March 2022 high ready to intersect the 50 dma as price approaches; an obvious spot for profit taking should the trade play out.

Kitco Media

Jonathan Da Silva

Jonathan Da Silva developed a passion for hard money and economics from a young age having been influenced by family who sought to teach me that "nothing is free", and the importance of intrinsic value early on. My interest in markets grew keener during the great financial crisis of 2008; leaning on family with vast trading experience, I began to self-educate on technical analysis and economics- drawing inspiration from the works of individuals like W.D. Gann and Adam Smith. I have been a proud member of the Kitco team since 2017 and hope that my writing inspires readers to consider an objective view of the metals, and the greater financial markets.

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