Please try another search
Putting to one side the bearish headlines of “worst quarter since 2016” and what seems to be the endless narrative of “Bitcoin taking Gold’s market share” something technically fascinating just happened in gold, and this should be viewed as extremely bullish.
Looking on the daily chart, on Mar. 9, 2020, Gold closed at 1678. The following sessions sparked the dash for cash from the COVID collapse and gold was smashed down to an intraday low of 1450, before the Fed intervened with interest rates and liquidity and the markets bounced back strongly.
Fast forward to Mar. 8, 2021 and gold hit an intraday low of 1677 closing at 1682 rallying a few days later to an intraday high of 1752. On Mar. 30, 2021 gold made an intraday low of 1678 before rallying back the next day and closing at 1707. Today we are in the green again on gold as it surges above the all important bottom end 1711 fib retracement zone. On the charts this shows a double bottom. The Mar. 9, 2020 high has been tested twice and support has held. If we rally and close daily above 1752 in the coming sessions this should confirm a double bottom pattern on the charts. It is also worth noting this is the lower level of a large support cluster tested several times during April, May and June 2020—each time it held. This is huge support
When we consider the chart pattern gold has made on the weekly chart, it is a textbook cup and handle formation that has played out over the last decade. For those that aren’t aware, the cup and handle formation is one of the strongest chart patterns, and with the handle looking like it is now complete, the uptrend looks set to continue.
Natural Gas Futures hit a new peak of this season on Wednesday at $9.425 as the bulls were aggressive enough to enter inside the “Trapping Zone” – from $8.938 to $9.447. This move...
A drop in reserves was slightly bigger than expected, however, the crude oil market remains hesitant to break out. What’s holding it back? Crude oil prices have been...
It's not currently clear if the US is already in recession or if there will be a domestic or global recession going forward. But as talk of the possibility increases, traders need...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.