Technical Analysis

Gold continues the consolidation this week (and below $1800)

The low was at $1770.60 and the high was at $1795.37

The price of gold has consolidated in a up and down trading range this week. The low was reached on Monday at $1770.60. The high was on Tuesday at $1795.37. The close last Friday was around $1778.

The current price is trading around $1785. That is in between a an upward sloping trendline cutting across at $1775.25 (and moving higher), and eight downward sloping trendline cutting across at $1791.29 (and moving lower). In between sets the 100 hour moving average. The price has been trading above and below that moving average of the last few days as traders consolidate and await the next shove.

Notable is that the price remain below the $1800 level this week. So although the prices well above the lows from earlier this month down at $1680.23, it stays below the natural resistance at the $1800 are level.

Consolidation. Traders wait for the next shove.  It will probably have to wait until next week.

Invest in yourself. See our forex education hub.

Articles You May Like

Dollar Dips, Euro Struggles in Lackluster Market
Breaking: Canada Unemployment rate rises to 5.8% in November, highest level since January 2022
Real AI use cases in crypto, No. 1: The best money for AI is crypto
The USDJPY makes new session lows and in the process moves below a swing level. What next?
Canadian Dollar Rises on Jobs Data, Dollar Soft, Euro Worse

Leave a Reply

Your email address will not be published. Required fields are marked *