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Gold Crosses Trendline Going Back To 2013

Published 01/21/2015, 12:22 PM
Updated 07/09/2023, 06:31 AM

Gold is on a roll. As the chart below illustrates, price has crossed 1300, has broken above a trendline going back to May of 2013 (the dashed green line on the chart below) and is above the 50 SMA and 200 EMA -- both of which are sloped upward.

COMEX Gold

Gold is now in the 1280-1320 range, a range it was in from March through September of 2014. As such, resistance in this area might be well-established and thus formidable. Bulls will need to see a close above 1320 if not 1340 to break out of the range, while a push below 1280 will give bears the edge, in my opinion.

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