Technical Analysis on Gold

Gold has been going up by a staggering 20% within just 4 weeks. After seeing this basically unsustainable growth we need to start zooming and look at the important levels for gold.

The first resistance level that you should be looking at is the one around 1780. Should gold spike up further, we can expect that the price finds serious resistance here as the 3 previous attempts to break through the price have all failed.

The second important resistance level is the one around 1900. This is the all-time-high of gold reached shortly after the financial crisis in 2008. Knowing this a new high might be coming after the Corona crisis is over.

On the support side, an short term support zone that is important is around the 1450 levels. And a long term support for when sh*t truly hits the fan is around 1050.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!