Gold continues with strong upward momentum and the potential to move higher

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Gold continues with strong upward momentum and the potential to move higher
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gold silver Wagner Gold continues with strong upward momentum and the potential to move higher

Gold continues to gain ground with very strong technical potential to move substantially higher. Over the last five trading days, gold hit a bottom at approximately $1621 and gained well over $100 in a short time. As of 5:21 PM, EDT gold futures basis the most active December contract is currently trading at $1734.70 after factoring in today’s gain of $32.70 or 1.92%.

Over our last two reports, we have been focusing on the key reversal last Wednesday. By Friday of last week, that assumption was confirmed and the dollar had experienced a key reversal from bullish to bearish, just as gold experience a bottom at precisely the same time as market sentiment shifted from bearish to bullish.

Both chart types were developed by Japanese traders and are primarily used to determine the strength of the trend as well as pivot points or key reversals. In yesterday’s letter, we looked at both the dollar and gold through the eyes of these charts and conveyed why we derived that gold had entered a rally just as the dollar began a correction.

The chart above is a daily candlestick chart of gold futures. We have labeled potential areas of resistance based on a Fibonacci retracement and the identification of key tops in the market that could also be markers that could indicate resistance. The Fibonacci retracement data set begins at this year’s high of $2078 and ends at the low of $1621 that occurred five trading days ago. Currently gold is trading at $1734.

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