In the short term gold has to trade over $1778.00 for at least seven consecutive days to restart its bullish zone.
Gold's pattern is bullish on a daily pattern. $1,716.60 is the key price to hold or else we get a bull trap.
Positions as of Tuesday, March 16, 2021.
We are certainly getting some volatility. One more run higher?
What price creates a bull-trap in Gold today? If $1,716.60 holds, gold will get the pro's support.
The Fed remains dovish on the front end. CNBC's Liesman has his question deflected. Gold has support now at 18 dma, low $1,730's.
Fed will update us today? Gold ran to the 18 day moving average and stalled. A lot can happen on Fed day.
With a key US central bank announcement coming on Wednesday (I call it “Jay Day”), more green shoots are in play for gold.
We haven't had a real update from the Fed since December. What resistances come into play for gold on the upside?
ETFs backed by gold saw 144,432 troy ounces of outflows on Wednesday, bringing net sales for 2021 to 4.84 million ounces.
