Overall, the weekly chart is bullish and suggests higher gold prices in the coming weeks despite negative divergences.
What's the pattern? It's clear: higher lows, higher highs. Support's now at $2502.6, you really don't wanna take out that low.
Gold climbed back above $2,500 per ounce after Federal Reserve Chair Jerome Powel signaled that the time has come for interest-rate cuts.
Gold prices held $2,500 after hitting a new all-time high at $2,570. This continues what we believe is a stealth rally in gold.
The easy phase and this strong turning phase were done. Either gold had to give us a sharp correction back down, or it had to turn sideways. As it turns out, gold turned sideways.
Nearly a third of this year’s 34 trading weeks have recorded Gold All-Time Highs, indeed during four of the past six.
Positions as of 20 August, 2024
Traders need to do their homework and get deployed before this sector reaches its psychological tipping point, when chasing spawns big popular buying.
My instincts are, chart-wise, that you're going to see buyers try to come in at $2492.60 with stops under this slope.
Gold can rise to $2965.30 (in the next twelve months) as long as it trades over $2263.00.
