Gold Back Above $1,500!
Sublime Trading Ltd | Oct 31, 2019 15:45
Gold is now lagging behind Palladium, which has seen its price soar to record highs, but now that Gold is again trading above $1,500 it may try to reclaim its No. 1 spot.
In April 2019, price made a low of $1,266 until it found strength to the upside as the buyers took control. Price continued to travel north and eventually broke out of a 6 month period of consolidation in June 2019.
The move that unfolded following the breakout turned into a strong impulsive trend, but started to slow down in September 2019 after reaching a high of $1,557.
Since then, price has been in consolidation, finding comfort around the daily 50 simple moving average (sma). Today we are seeing that price is now back above the 50sma and trading above the $1,500 psychological round number, so it may not be too long to go before we see a resumption of the previous uptrend.
Patience needs to be applied here as the mistake many investors make is assuming that the big moves are over and they end up exiting their trades early.
A breakout to the upside can occur at any time so it is best to think long-term and allow the market time to gather momentum.
If we do have a break above the previous high at $1,557 then we should be seeing good profits as a reward for our patience and we will be looking to compound on our winning positions.
Original posts: here.
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