Gold To Obliterate The Resistance Level Of $1350/Oz 
Tuesday, February 26, 2019 at 07:48PM
Silver Prices

 

<p><span style="font-size: 140%;">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 <strong><a title="http://www.skoptionstrading.com/updates/2011/8/23/425-gain-in-8-weeks-for-sk-optiontrader-subscribers.html?a_aid=4ff63c167fff1" href="http://www.skoptionstrading.com/updates/2011/8/23/425-gain-in-8-weeks-for-sk-optiontrader-subscribers.html?a_aid=4ff63c167fff1" target="_blank">mining stocks</a></strong>.</span></p>
<p><span style="font-size: 140%;">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 <strong><a title="http://www.gold-prices.biz/home/2009/5/28/randgold-resources-limited-take-profits.html" href="http://www.gold-prices.biz/home/2009/5/28/randgold-resources-limited-take-profits.html" target="_blank">gold</a></strong> 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.</span></p>
<p><strong><span style="font-size: 140%;">A quick look at the gold chart</span></strong></p>
<p><strong><span style="font-size: 140%;"><span class="full-image-block ssNonEditable"><img style="width: 550px;" src="/storage/Gold Chart 26 February 2019.jpg?__SQUARESPACE_CACHEVERSION=1551151973911" alt="" /></span><br /></span></strong></p>
<p><span style="font-size: 140%;">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.</span></p>
<p><span style="font-size: 140%;"><strong style="font-size: 150%;"><a title="https://seekingalpha.com/account/authorboard_overview" href="https://seekingalpha.com/account/authorboard_overview" target="_blank">read more.......</a></strong></span></p>
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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.

read more.......

 

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

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