Gold To Obliterate The Resistance Level Of $1350/Oz 
Monday, February 25, 2019 at 10:30PM
Gold Prices

Background

It feels like a distance memory since gold traded at the heady heights of $1900/Oz, since then the bears have been in control and gold has been savaged along with the associated mining stocks.

However, since 2016 gold has been making somewhat of a comeback and is now trading close to $1350/Oz. This is a level that it has tried to pierce on 6 or more occasions and failed as each rally ran out of steam, they were head fakes disguised as a rally. This resistance level needs to be obliterated with some gusto and gold needs to find the traction to take out the next resistance level which is $1400/Oz before there is more or less a clear run to $1800/Oz and then new all-time highs of $2000/Oz and beyond for gold.

A quick look at the gold chart


The above chart shows the resistance $1350/Oz in red and also shows in blue squares the number of attempts it has made over the last 5 years to breakthrough this resistance and failed.

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gold is hanging in there despite it being options expiry time which usually sees the precious metals getting pushed lower.

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