Gold & Silver Price Charts – Major Long-term Levels to Dent Rally
GOLD/SILVER TECHNICAL HIGHLIGHTS:
- Gold makes new leg higher, has 1350/60-area in focus
- Silver weaker, trading back at long-term trend-lines
See what drivers DailyFX analysts expect to move Gold in the coming weeks in the Q1 Gold Forecast.
GOLD MAKES NEW LEG HIGHER, HAS 1350/60-AREA IN FOCUS
Last week, when I last looked at gold it was probing support by way of a zone extending back to last year and the trend-line off the November low. The surge from support posted not only a higher-high in the rally sequence dating back to August, but now has significant long-term resistance in focus.
For the past few years gold has been undergoing a significant period of consolidation and with it a triangle has been maturing. The top-side trend-line extends over all the way from 2014, crossing several peaks grouped together during the first part of 2018 in the vicinity of 1350/66.
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