There could be considerable motive for Gold price action this week, given this weeks financial calendar with Jackson Hole on top of a slew of USD-related releases. While strength has been on full display, breakout potential remains at the current zone of resistance, spanning from the approximate 1804-1808, with another zone overhead from around 1824-1834. If bulls are able to take out that resistance, the next zone looming overhead runs from 1855-1860.
Currently, there‘s a support zone spanning from 1769-1775; this is the area that helped to hold last week’s lows. Below that is a secondary support zone running from 1755-1760, and below that is a third zone of interest from 1825-1834. The yearly low at 1680 continues to stick out, so if bears put in an outsized move, that 1680 level lurks below as a key marker sitting at the lows of Gold price action in 2021 trade.
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