Sunday, 1 March 2015

Gold has popped up to $1220 overnight on Sunday into Monday - $1223 is an important level!

Gold has popped up to $1220 overnight on Sunday/Monday morning as of 0200 Greenwich mean Time after holding support near to $1210 at last last Friday's close (see previous post). Resistance has held on the upsloping line where the price is touching at about $1220. Can it break through?

This was the position on Friday evening a little before the close and the price held at around $1210 and then bounced early Monday morning:

Gold has reached $1223, above the level of the first upsloping resistance line but level with some horizontal resistance at 1223.40 and price has pulled back a bit after this strong early overnight move:

In fact, $1223 has been an important level of resistance and support since September 2014. Of course, it was also the level of the price peak in late 2009! I have also added three purple lines on the right hand side that may be a potential Andrews Pitchfork parallel to the existing slope:

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